Discussion 3: Economic, Political, And Societal Factors Influence (Essay Sample)
There are many factors that impact compensation in the workplace. In the following question, discuss at least one economic, political, and societal factor that impacts compensation (for instance, for political one can discuss the increase in the minimum wage). Additionally, assess how an organization can survey the marketplace to determine these factors prior to creating its compensation program.source..
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 polit
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