Assignment Content Before this assignment, please make sure to review the notes from this week’s “Reading Materials” folder, as well as the following:...

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MARKET COMPETITIVE COMPENSATION SYSTEM
Market Competitive Compensation System
A market competitive compensation system eventually termed as a basic means of compensating employee’s at the same rate of the other companies with respect to the same positions within their company. It is eventually a policy that is formulated by the company to attract the new talent as well as retain their own employees. During the formation of market competitive compensation system the companies eventually focuses on the two main points that include the gain that the company is hoping through the compensation surveys and custom development versus the existing compensation survey.
To formulate a market competitive compensation system a company must closely evaluate its competitor regarding their compensation policies, rewards and the pay system. So that they could initiate a foremost and best policy comparing to their competitors. The pay line of a company eventually depends the most on the job structure, which sequentially determine its competitive pay rates that keep on changing along with the job positions. The market competitive compensation system is considered as the main part of the human resource management as it plays a vital...