Discussion 3: Economic, Political, And Societal Factors Influence

Discussion 3
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Discussion 3
Various economic, political, and societal factors influence workplace compensation. To start with, the performance of the monetary system such as the banking and financial system affects the ability of an organization to pay its workers. In markets where companies can easily access capital from financial institutions, investment will be promoted and thus enable organizations to be more competitive and have higher finances to pay their workers (Gavett, 2015).
Second, the government can introduce a political policy that requires organizations to pay a certain amount of minimum wage. Such a legislation would therefore require employees to pay a certain amount of minimum wage, irrespective of the performance of the firm or the economy. The minimum wage is based on the legislative policies and the political will of the government to ensure that workers are appropriately compensated.
Third, the societal facto...