In response to your classmates, contrast and compare pay structures and the impact of these structures on employee motivation, engagement, and retention. What insights have you gained from this analysis? Provide supportive workplace examples and cited information from your research and module resources.

I would begin identifying what organizations compare to my organization in terms of business sector. Since I am currently employed in the banking industryI would first look at similar banking businesses that offer the same services as mine. I would also have to think about other types of companies in the area where we might lose employee retention. External equity pays comparisons look at what employees are paid in competing companies. I would use the benchmarking survey to compare my rates with other healthcare organizations to accomplish a fair pay rate, " Ideally, they would be the key labor market and product market competitors" to include in the survey(Gerhart, Hollenbeck, & Noe, 2021).

Bykeeping a pay structure that is out of line compared to those with whom we competecould potentially be detrimental for an organization. It could lead to low employee morale and issues with retaining employees. If I was under the assumption that my organization paid their employees less than our competitors if could change the dynamics in many ways. It could lead to employees only performing the minimal expectations of their job and employees would not have pleasant things to say in regards to the organization. Most employees leave their current employment for higher paying jobs and that offer overall better incentives. In my opinion pay scales should be fairly distributed amongst all employees based on their job description, duties, and tasks. I also think pay scales should always be compared to their competitors to ensure that employees are receiving fair pay.

To ensure motivation, engagement, retention, and competitive advantages in the marketplace, I would recommend re-evaluating the organizations pay structure,incentives, and benefits in comparison to what is offered by competitors within the same industry. By offering better incentives and pay it could be perceived better by employees and it would give the organization an advantage. Individual incentives and merit pay are also useful, as it was found that monetary incentives increased production more than any other motivational tool