BUS 303 Week 3 DQ 2 (Compensation and Benefits)

BUS 303 Week 3 DQ 2 (Compensation and Benefits)   BUS 303 Week 3 DQ 2 (Compensation and Benefits) 2)What impact do benefit offerings have on marketplace competitiveness and the ability to attract and keep quality employees? Do you think pay is the primary motivating factor for most job applicants and existing employees? Respondtoatleasttwoofyourclassmates' postings. What impact do benefit offerings have on market place competitiveness and the ability to attract and keep quality employees? The HRM may make critical mistakes when they decide how to approach the market by their offerings. Most people want what is best for themselves and their families. When organizations use below market or average market they may not attract or retain the most talented employees; unless the economy is in a slowdown. Average market strategies should be ok; below-market strategy may add monetary benefits and rewards to attract and retain talent. Above-market strategy puts an organization above 75% of employers in terms of pay rates and gives it the advantages of being able to attract and retain top talent being more selective during the hiring process (Youssef, 2012). There are two companies in my area that fall into the above-market strategy; SAS Institute and Red Hat are considered great companies which offer highly competitive benefits and high pay scales. I would entertain an offer from either of these organizations. Do you think that pay is the primary motivating factor for most job applicants and existing employees? I want to earn a good salary; however benefits are very important for me and my family. Medical costs are very high, vision treatments such as eye exams and glasses are very costly. Funeral costs are very expensive and individuals need cheap life insurance; most companies offer reasonably priced life insurance of the employee and their dependants. No, benefits have to be a higher motivator than pay. Employers gain a significant competitive advantage when they are able to strategically design their benefits packages to appeal to the types of talent they hope to attract (Youssef, 2012). Youssef, C. (2012). Human resource management. San Diego, CA: Bridgepoint Education, Inc. Retrievedfrom