Question

Identify and described some ways your organization ensure internal consistent and externally competitive pay systems?

Answer 1

While internal equity is focused on pay equality within and across the organization, external equity is also an important factor when considering your employee compensation. This means taking into account what the wider external market is paying for similar jobs within your industry.

What is internal equity ?

Internal equity is defined as a fairness criterion in an employment contract that provides fair remuneration based on the employee's worth to the firm.

a situation in which employees who do similar jobs inside the same organization are paid similarly, and the amount they are paid is fairly proportional to the sort of job that they do: Internal equity was discovered to be more significant to retail salespersons than external equity.

External equality relates to an employee's view of being treated similarly to people in the same job but at a competing organization, whereas internal equity refers to an employee's sense of being treated similarly to employees within a focal organization.

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