There has been a huge debate always about how to fix the salaries for the executives at the various levels of organization. While there are so many other elements that make a business successful, one key factor that would tie up everything together and reap success is manpower. There is always a dearth of capable and intellectual human resources for every organization. There are various challenges that are faced by the human resource department, right from the time a requirement for a certain resource tends to surface. The recruiter would have to know the budgets for the resource and ensure that they attract the best talent from the markets. Once they are able to choose the best and integrate them within the organization, it is the responsibility for everyone to ensure that these resources are retained as long as possible for enjoying collaborative and comprehensive success. Since human resources are just as any other product in the competitive arena, fixing the right pay and other perks would attract good talents. Being competitive does not just mean paying more, but it means paying aptly after considering various factors.
In earlier days, a good remuneration would mean that the person is getting a lump sum in hand or transferred to their accounts periodically. However, the needs of current intellectual generations are different and companies have to adopt and change their strategies or hiring and retention accordingly. The remuneration would not be seen as just the money that flows into their bank accounts, but also various other factors, similar to the products that have to be backed up by good quality service to sustain in the markets. It is not easy to identify each and every resource’s needs and map the pay scale and structure accordingly. A niche skill would be getting paid more than the vanilla skill. Those who are costly to replace will get higher priority than those with generalized skills. Therefore, it is necessary for the companies to have strong reasons for following the certain structure of remuneration. Such strong premise would enable them to have better conviction and therefore retain the employees very well.