How do these challenges impact on the reward strategy that such a business might adopt?
What will be an ideal response?
? Buying into a pay-based proposition is necessary to maintain staffing, but drives
up costs and seems relatively ineffective in ensuring retention.
? The shift towards a social exchange valuing WLB may make the availability of a
broader EVP more acceptable, although it remains to be seen the extent to which
components of reward are substitutable. However this may offer some benefits
through the provision, for example, of housing associated with employment,
rather than focussing only on wages. Reinterpreting the Iron Rice Bowl for the
21st century.
? Without a stable workforce it is difficult to initiate, develop and obtain buy-in to a
different EVP, although ironically the level of turnover may allow more
sophisticated selection techniques to be used to attract employees with a
particular set of values.
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A) individual B) issue-oriented C) cultural D) societal
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A. Project management B. Marketing C. Research and development D. Purchasing E. Manufacturing
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What will be an ideal response?