Abstract or Introduction
Notably, once it comes to employees’ payment, Human Resource managers face an intriguing challenge; the challenge of offering competitive salaries so as to attract qualified talent alongside retaining it, without harming the bottom line. Luckily, the competitive pay practice (a common-sense way of setting salaries), has been observed to be an easy process that is quite imperative in any business. The development of any competitive pay policy requires reviewing of the firm’s inside job descriptions along with their respective salaries; then comparing them to analogous positions of different organizations. In this sense, the employer may determine what he/she would be paying his/her workers by obtaining salary data from other organizations or even from public sources. Therefore, as the ABC Retail HR manager, which is an independent retail firm, I will develop a competitive pay policy for ABC Retail Company that will sustain the company’s strategic goal of increasing its market share to 20% by 2019 in the St. Louis area. It is significant to note that according to a 2015 survey, the market share of this company in St. Louis area was 17.8%, facing a stiff competition from Target and Kohls. ABC Retail has ten stores, with each store comprising of one store manager, 3 assistant store managers, 15 department managers, 20 shift leaders, 150 associates, not to mention that each store contains a total of 149 employees when fully staffed.
- Quote paper
- Business Administrator Mutinda Jackson (Author), 2018, Competitive Advantage of an ABC Retail Firm, Munich, GRIN Verlag, https://www.grin.com/document/429017