There is no problem if your answer in an employment interview is: “I do not know”! This is what a professional HR interviewer said. He recalls that a human resource development […]
Tag: Labor market
Organizations compete in two markets, the talent market, the labor market, and the product / service market.
To be successful in the labor market, it must be analyzed and recognized. Both of these markets must be considered in evaluating and analyzing the market and the competitiveness of the organization and service compensation.
Talent market The relationship between service compensation offered by the organization. And shows other organizations competing for the same person. The strength of the organization in this market clearly affects the ability of the organization to attract and retain valuable human resources.
Market to sell a product or service. Service compensation costs organizations. If the organization, regardless of payment levels. To allocate a much larger budget to it than competitors will unnecessarily increase its personnel costs. And thus is ultimately unable to offer a competitive price and profit. Of course, if higher pay is associated with higher productivity, the issue will be different.
According to the Hey Group model in service compensation, the labor market is also a function of principles. Which can be measured and analyzed.
Employers need to be aware of inventory and market conditions. And adjust the payment policy accordingly. Service compensation and benefit marketing is an important part of measuring the labor market of human resources. During the labor market assessment, different companies and their payment status and benefits are presented. Then the different levels of payment in the labor market and different industries are reported and reported.
How to evaluate and compensate for human capital services is one of the main challenges of human resources in businesses. If not paid enough attention, this challenge becomes a major issue and a factor in leaving the service.
The results of the labor market survey show business owners. How efficient and effective are the costs of service compensation? As with any business decision, it is important to optimize the benefits of the costs.
A good service and human resource compensation consultant should be able to receive effective labor market signals and communicate them to businesses.