Pay and benefits are about market forces and the idea that there’s a market price for each job. Determining how much to pay and what benefits to provide is therefore about analysing the labour market. Guesswork and bias are the big enemies. But there are huge issues about equity. Here are some of the issues.
Strategic HRM (Human Resource Management) is about changing people to align them with your business strategy. The managers of the firm create an ecosystem, an environment, in which their people work. All firms employ people, therefore all firms have a people ecosystem. This paper considers how the people ecosystem can be managed to the best advantage of the firm and how optimising the people ecosystem leads to improved bottom line result.