Select the minimum pay and retirement practi

• cces of one (1) of the countries discussed in Chapter 14. Next, determine the likely result that will occur if those practices were adopted by the United States. Provide support for your response.
• Predict one (1) critical issue that could pose a major challenge to compensation professionals in the next ten (10) years. Next, propose a solution to this challenge and how a resolution could be accomplished. Justify your response.

Respond to classmate:

Mexico: From the chapter, “The government of Mexico expects that two minimum wage rates be employed. The first is a general minimum wage applying to all employees and the amount is dependent on the country’s region. Concerning retirement and pension interests, all employers are obligated to join the compulsory individual account scheme, gradually substituting the social insurance conformity.

I do think it is feasible to have wage amounts deliberated on the basis of geographic divisions or zones within the United States Cost of living in the diversified cities. Minimum wages should be anchored on the basis of local minimum earnings and adjusted on the basis of the cost of living and the hourly median wage in the jurisdiction.

Retention and Rewarding Talented Staff Members

A bigger chunk of 59% of seasoned compensation professionals is of the belief that in the future, the main battle will be the ability to retain talented and well-performing employees. Furthermore, it would become even worse to acknowledge and reward the true performers as the business competitiveness is increasing and that necessitates more collaborated attempts to build loyalty among workers.

Recommendation

The most common recommendation would be to establish an organizational culture where open communication, trust, and fairness are articulated and demonstrated by leaders. This aligns well with current Job Satisfaction and Engagement report by SHRM, which discovered that trust and respect were the most significant job employees satisfaction factors. Other tactics would include presenting employees with career advancement opportunities, expressing a devotion to professional development and offering workers with the latest technology and tools to maximize efficiency at work. Based on their particular industry demands, the market for talent, and location, the spread of these factors has been partly due to the multiple responses.