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Running head HUMAN RESOURCE TOTAL REWARDS STRATEGY
Running head: HUMAN RESOURCE: TOTAL REWARDS STRATEGY
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The wages of the concerned employees of the organization should be based on the external market equity within the concerned market. Thecompany in discussion, Motor and More Inc.should implement the remuneration packages on the basis of the various matters that are related to the market wherein thecompany in discussion, Motor and More Inc.has been operational. Thecompany in discussion, Motor and More Inc.should aim to discuss the implementation of the wages on the basis of theexternal factors that have been active within the given territorial boundaries wherein Motor and More Inc. has been functional(Grimshaw, Bosch & Rubery, 2014). The various external factors that are influential in the decision of the wages of the organization are the labor market, the living costs within the concerned area, the various labor unions within the concerned market. The decision of the wages is also influenced by the governmental legislations, the society at large and the economical state of the concerned political boundaries wherein the company has been active.
The base wage and the incentive wages that are extended to the employees of the organization tend to be influenced by the various matters that are related to the total financial rewards that have been received by the concerned employee of the organization. Thebase pay of the employees refers to the initial rate of remuneration that is received by the employee in return for the services that the employee offers. The incentives and the bonuses that are extended to the concerned employees tend to discuss the various factors that are related to the performance of the employees of the organization (Burgess et al., 2017). The introduction of the individual incentives might lead to the conditions of unhealthy competition among the various members of the organizationas opposed to the extension of the base pay to the concerned employees.
Burgess, S., Propper, C., Ratto, M., & Tominey, E. (2017). Incentives in the public sector: Evidence from a government agency. The Economic Journal, 127(605), F117-F141.
Grimshaw, D., Bosch, G., & Rubery, J. (2014). Minimum wages and collective bargaining: What types of pay bargaining can foster positive pay equity outcomes?. British Journal of Industrial Relations, 52(3), 470-498.