The best competitive policy I would recommend to an employer is the total reward model. It attracts future employees and retains employees that are already working. This policy greatly depends on circumstances faced by the employer. Such circumstances consist of; unsatisfactory labor output or loses incurred by the company on training new employees who later quit their jobs due to poor compensations.
There are several Factors that determine the relevant market for a survey. Market classification, Age of a survey, gender, income and geography survey factors plays a vital role in determining survey markets. Definition of survey market is important as it determines the questions to ask in a survey and the type of participants to carry out during the survey.
Surveys play an important role in pay discrimination as they help in attainment of equity in pay. Many organizations still have discriminations in compensations, salaries or wages to their employees especially in matters concerning gender. Surveys have led to the creation of legislations and pressures from civil rights groups who are against discriminations on certain groups of people.
Cost saving strategies helps in maximization of profit at the end of every financial year. A company with strong financial reservoir has a high potential of expansion and usually have better compensation plans to its employees. Nonmonetary cost savings include creation of a budget while monetary cost saving strategies includes alternate layoffs, reduction non operating costs among others.
Running a business that has a lot of competitors is a challenge but when the employees are lowly paid than those of other competing businesses, it calls for the management to come up with better strategies in order to retain and make the workers feel fairly treated. As a supervisor, I would show respect to all employees, listen to their grievances, recognize their achievements, entrust them with new tasks and responsibilities and once in a while, I would organize a family fun day for the employees with the company catering for food and drinks.