Journal of Advances in Developmental Research

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Designing Pay Philosophy of organizations based on competitive Compensation Benchmarking

Author(s) Priyanka Taranekar
Country United States
Abstract This paper examines the critical role of competitive compensation benchmarking in designing organizational pay philosophies within an increasingly complex talent landscape. As organizations face intensifying competition for skilled workers, evolving workforce expectations, and growing concerns about pay equity, traditional compensation frameworks often fall short. The author explores existing literature and insights from industry to understand key factors influencing the talent market such as career growth opportunities, technological advancements, and demographic shifts. The paper proposes a structured approach to developing pay philosophies based on competitive benchmarking, emphasizing five key components: defining organizational goals, conducting market analysis, prioritizing internal equity, incorporating total rewards, and implementing regular review processes. The author further suggests several promising areas for future research including the application of AI in benchmarking, compensation strategies for hybrid work models, and the integration of non-monetary benefits. This work contributes to the understanding of how organizations can create data-driven compensation strategies that balance market competitiveness with internal equity while supporting long-term organizational objectives.
Keywords Pay Philosophy - Compensation Benchmarking
Published In Volume 15, Issue 1, January-June 2024
Published On 2024-01-04
Cite This Designing Pay Philosophy of organizations based on competitive Compensation Benchmarking - Priyanka Taranekar - IJAIDR Volume 15, Issue 1, January-June 2024. DOI 10.5281/zenodo.14913216
DOI https://doi.org/10.5281/zenodo.14913216
Short DOI https://doi.org/g854s2
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