Which of the following is the purpose of an effective pay system
to attract retain and motivate employees
to minimize employees wages and employers cost
to be able to track and report labor costs
to produce as much as possible at the lowest cost
The purpose of an effective pay system is to attract, retain, and motivate employees.
The purpose of an effective pay system is to attract, retain, and motivate employees.
The purpose of an effective pay system is to attract, retain, and motivate employees. An effective pay system ensures that employees are compensated adequately and fairly for their work, which in turn helps to attract and retain talented individuals within an organization. By offering competitive pay and benefits, companies can attract skilled workers who will contribute significantly to the organization's success. Moreover, an effective pay system also serves as a motivation tool, as it incentivizes employees to perform well, meet objectives, and exceed expectations.
To determine the purpose of a pay system, it is important to understand the context and objectives of the organization. Different companies may have varying priorities when it comes to pay systems. However, in a general sense, attracting, retaining, and motivating employees are core purposes of an effective pay system.
To confirm this information, you can refer to reliable sources such as human resources (HR) textbooks, academic articles on compensation and benefits, or HR professionals with expertise in pay systems. Industry-specific best practices and case studies can also provide insights into the purpose and importance of pay systems in various organizations.