Developing a Competitive Pay Policy for ABC Retail to Achieve Market Share Growth

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Running head:COMPETITIVE PAY POLICY FOR ABC RETAIL1Competitive Pay Policy for ABC RetailYou are the HR manager for ABC Retail, an independent retail company exclusively located in St.Louis, Missouri. The company has ten stores and considers its primary competitors Target andKohl’s.Thecompany’s market share in this area was 17.8% in 2011. They are a non-union organization andbelieve that their customers are the key to success, followed by their customer service provided bytheir carefully selected associates. The strategic goal for ABC Retail is to increase its market sharein the St. Louis area to 20% by 2015.For the purpose of the assignment, each store has the following staffing:One store managerThree assistant store mangersSeventeen department managersTwenty-four shift leadersOne hundred and seventy associatesEach store has a total of 215 employees when fully staffedTurnover for management positions were 10%, shift leaders 25%, and associates 30% for 2011.Currently, pay for these positions was rated as “average” by management, “average to belowaverage” by shift managers, and “below average” by associates based on a employee pay surveyconducted in June 2012.You have been tasked to develop a competitive pay policy for ABC Retail by senior management tosupport the strategic goal to increase its market share to 20% in the St. Louis area by 2015.Based on the Chapter 7 and 8 readings in the textbook, develop the recommended pay policCompetitive Pay Policy for ABC RetailAbstractA competitive pay policy explains anassociation's system for contending inside focusedon work markets to select the workers it needs to make business progress(Boute, Bruggeman &Vereecke,2015).Such strategy guides directors in settling on powerful choices in regards to the

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COMPETITIVE PAY POLICY FOR ABC RETAIL2organization's interest in human capital resources. How an organization explains its focused payapproach, consequently, is instrumental to advancing pay program effectiveness. The paper willanalyze theCompetitive Pay Policy for ABC Retail in orderto increase its market share in the St.Louis area to 20% by 2015ABC Retail’s Competitive Pay PolicyA successfulpay policyis a critical part of ABC Retail’s general aggressive system.Generally as ABC Retail contends to offer its items and services, it additionally rivals with othercompetitors likeTarget and Kohl’sfor talented workers(Boute, Bruggeman & Vereecke,2015).Toward that end, a focused pay strategy is the foundation of ABC Retail’s human capitalinvestment method.From various research companies compete depending on the following market recruitingconditions,Availability of qualified employees in the recruiting markets targetedEfficiency of employers in competing for the same employees in the recruitingmarketThe company’s financial resources to pay the resourceful employees and theperception of the company in the market.The working conditions of the company and the compensation details of thecompany.ABC Retail’scompetitive pay policywilladdress these three economic situations. Itexpresses the organization's vital position for contending inside of its enlisting markets regardingthe pay components it will offer representatives and the pay levels it will focus for every

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