Compose a three-to-five page paper (not including the title and reference pages). Your paper should be written in a scholarly third-person tone; it should be in APA format. Your essay should address the following:
- Evaluate the concept of market competitiveness in relation to an organization’s pay system, particularly when it is unable to offer its employees market competitive salaries due to a lack of financial resources.
- Propose at least three alternative approaches for organizations which have limited financial resources.
- Identify at least three specific steps that could be taken to minimize the impact implementing these alternative approaches could have on the firm’s success. Justify why these steps would be the most appropriate in this situation.
In addition to the text, cite at least two scholarly references to support your discussion.
Martocchio, J.J. (2011) Strategic compensation: A human resource management approach (6th Edition). Upper Saddle River, New Jersey: Prentice Hall.