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Knowledge on Creating Market Competitive Pay Systems al Affiliation) Knowledge on Creating Market Competitive Pay SystemsFor a business to recruit and retain professionals that are well qualified, it is important to develop a compensation system that would match or surpass the competitors’ offers. As such, one of the most effective ways through which an organization can manage its bottom line is by properly rewarding the employees. The study has provided me with a clear insight on how to ensure that competitive employees are motivated towards remaining within an organization with directing focus towards discretionary benefits that meet the specific benefits of such valued employees (Courtois, et al., 2004). It is clear from the study that employees not only look for organizations that care for their current welfare but also those that are concerned about the employees even after they leave the organization upon retirement.

As such, establishing firm health insurance and retirement plans would attract more competitive and committed employees to the organization (Sharar, 2009). The study has helped me in understanding the various discretionary benefits that I can input within the organization’s compensation plan and merge with the pay policies towards ensuring that employees are not just retained within the organization but also motivated towards achieving high productivity. For instance, the employee assistance programs (EAP) would be effective in helping the employees solve any personal issues that they may have away from the workplace, which may negatively affect their performance (Martocchio, 2015).

This would ensure that their focus and attention is fully directed towards their work. The study has helped me understand through creating a family setting within the organization, where the employee problems involving family, health, and education are effectively solved, the employees take up the ownership of the organization and thus ensure utmost commitment towards achieving both short-term and long-term goals of the organization. ReferencesCourtois, P., Hajek, M., Kennish, R., Paul, R., Seward, K.

, Stockert, T. J., & Thompson, C. (2004). Performance Measures in the Employee Assistance Program. ,. Employee Assistance Quarterly, 19(3), 45-58.Martocchio, J. J. (2015). Strategic compensation: A human resource management approach (8th ed.). Upper Saddle River, NJ: Pearson.Sharar, D. A. (2009). Do Employee Assistance Programs Duplicate with Services Offered Through Mental Health Benefit Plans? Compensation & Benefits Review, 41(1), 67-74.