What are some pros and cons of compression pay and alternat

What are some pros and cons of compression pay and alternatives or… What are some pros and cons of compression pay and alternatives or solutions?  Please provide a brief response to the response below. All references do not need to be used, DeGarmo Group. (2015, October 18). Seniority Versus Performance Based Pay Systems. Recruit Better. Hire Better. | Streamline Your Talent Assessment with DeGarmo.            https://www.degarmo.com/seniority-versus-performance-based-pay-systems  What To Do When New Hires Get Paid More Than Existing Employees. (2021). Indeed Career                            Guide. https://www.indeed.com/career-advice/pay-salary/new-employees-paid-more-                       than-existing? Sammer, J. (2019, August 16). What to Do When New Workers Out-Earn Current Staff. SHRM.                          https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/when-new-                       hires-out-earn-current-workers-pay-attention.aspx RESPOND TO:The labor market has experienced many fluctuations throughout the pandemic and the aftermath. There is a demand for employees and compression pay is one strategy to entice candidates. Compression pay is beneficial when recruiting new talent, but it is an influential demotivator for current staff and poses the risk of valuable, long-term employees quitting to find opportunities with other employers that will pay them fairly (Driscoll, 2021).Driscoll (2021) recommends a few solutions to reduce compression pay within organizations. The first is to conduct geographic research to determine the fair amount of pay for similar positions in the area. HR managers should then take the unique considerations of the organization into play to determine the applicability. Next, the organization should assess current employee pay. This should be a bottom-up process. You can determine if it is a company-wide trend, department-specific, or reflected within jobs that hold similar responsibility levels, such as managers (Driscoll, 2021). Another method is developing objective criteria that justify pay differences such as years of experience, education level, and tenure. These criteria can be used when hiring or when determining adjustments to combat compression pay. Lastly, a company can choose to justify pay differences through performance evaluations. Again, it is important that the evaluations be perceived as reliable and trustworthy by employees (Driscoll, 2021).After confirming where inequities exist the organization can assess what types of adjustments the budget allows for. Driscoll (2021) emphasizes that the amount of capital needed to correct the inequities through pay adjustments of current employees is often less than the amount of money the organization would need to spend to replace current employees that leave over the issue. Onboarding new employees is costly and it takes a long time for new employees to become acclimated with specific organizational processes and culture.Driscoll, K. (2021). Dealing with turnover, wage compression issues stemming from pandemic. Rochester Business Journal, 37(18), 22-24.Business Management Human Resource Management HCA 615

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