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Internal Equity and External Competitiveness Paper
The Company chosen by me to explain the internal equity and external competitiveness in an organization is Binovia Informatics and Biomedical ( Binovia.com). This company is a pioneer in its field and enjoys a credible reputation amongst its customers and competitors alike. The company is engaged in the business of informatics, biomedical services and integrated solutions, and boasts of an enviable HR structure that imbibes the latest and most effective techniques to retain and take care of its staff in a way that over the past several years there have been very few people leaving the organization in search of better avenues and opportunities.
The Company takes credible care of the compensation package of the staff that includes other than salary and wages, lucrative performance based bonuses as also long term incentives, health insurance, life and personal accident insurance, retirement plans and other miscellaneous compensation. The organizational hierarchy of the company is such that the internal equity method is undertaken in true spirit that balances the compensation amongst junior and senior level executives and fairness to all is guaranteed by using job ranking, job classification, management levels, and factor comparison. Consequently all employees are a satisfied lot and contribute a great deal to the well being and profitability of the Company which adds to the strength of the company in terms of its competition with other companies.
The Company has been very particular in formulating its compensation package keeping in view the external equities and competition, that necessitates doing market pricing analysis of compensation strategies keeping in view prevailing industry standards. The company has always strived to give fair treatment to its people by aligning compensation packages that are higher than current market trends so that no one becomes disgruntled. This way the Company has succeeded in retaining the best talent thus giving it an upper edge over its competitors.
A major reason for the consistent success of Binovia Informatics and Biomedical is its policy of taking care of its people in a way that is much better than industry standards.
References
Pay-Structures, http://payroll.naukrihub.com/compensation/pay-structures.html
Key Compensation Components, http://www.allbusiness.com/human-resources/compensation
http://www.binovia.com/
Is your benefits package keeping up with compensation trends?, http://findarticles.com/p/articlesl Equity in Executive Compensation
Internal Equity in Executive Compensation, http://www.peniclegroup.com/wp4.htm
