External Competitiveness. Comparing the E-Sonic Pay Rates with other Similar Firms.

Comparing the E-Sonic Pay Rates with other Similar Firms
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Executive Summary Findings
The E-Sonic company faces stiff competition from the best performing music stores. The organization's wage rate is the lowest compared to giant companies like Amazon and iTunes. The organization should consider external surveying of wages salaries and benefits offered by the competitors due to remain competitive. Comparing the pay rates between E-Sonic and other competing firms indicates a company that has better wages and that which maintains its employees well. It is additionally recommended for the E-Sonic company to introduce intrinsic rewards in the workplace to motivate the employees and create a conducive workplace for all.
1 Appropriate Pay-Policy Levels for E-sonic Jobs
Companies should have well-defined pay mix policies that define the ratio of employee’s basic salary and target incentives (TI). It is also a desire for every company to attract and retain the most competent employees in the industry. Retaining such employees requires organizations to pay high wages and offer incentives similar to or superior to the competitors (Greene, 2018). E-Sonic, therefore, requires standard pay-policy levels to keep top talents in the workforce. Several factors should, however, be considered before the organization chooses a pay-policy. First, the management should assess the performance of E-Sonic compared to other external companies. These questions would help in such assessments: In terms of productivity and ROI, does E-Sonic range at the top list of companies, or is it lagging? How does E-Sonic motivate top-performing employees? Are there incentives set aside for the work departments which supersedes the expectation of the organization?
E-sonic should additionally focus on providing intrinsic rewards to the best employees. Intrinsic rewards entail appreciating and recognizing the most competent employee when he/she does a commendable job (Stumpf, Tymon Favorito & Smith, 2013). It does not mean that the organization should forget about extrinsic rewards such as salaries, paid vacations, and incentives. These rewards are basic across companies, so, E-sonic should include things that other organizations have failed to implement in their rewarding systems. As a result, the organization will have a standardized intrinsic pay mix policy that considers the employees’ feelings and general attitude about the work done (Stumpf et al., 2013). The pay mix policy will also lead to the development of a conducive workplace where employees are happy and often seek to achieve more in their daily work (Thibault, Schweyer & Whillans, 2017). It is in this way that organizations create a productive workplace where every skilled employee looks forward to working in.
E- sonic should maintain the number of incentives given to the sales and marketing agents. The agents are crucial because of their daily involvement in the workplace, which involves boosting sales and revenues earned by the organization. The top-level management should additionally earn higher salary rates due to their inputs in the running of the organization. The organization should, additionally, maintain pay rises ...