Building Blocks: Describe the fundamental building blocks of developing a market competitive pay system, comprising the relationship between internal and external equity.

Job Analysis: Give a short overview of the job evaluation process, comprising the significance of compensable factors. Detail the compensable factors of a position you are familiar with and their impact on that position's salary, and you might want to reference the job analysis and job description method, which form the foundation of job evaluation. Recognize at least four pitfalls which exist for organizations which do not follow this process.

Market Competitiveness: Compose a 3-5 page paper which evaluates the concept of market competitiveness in relation to the organization's pay system, specifically when it is not able to offer its employees market competitive salaries since of a lack of financial resources. Propose alternative approaches for organizations that have limited financial resources and outline at least three specific steps which could be taken to minimize the impact this could have on the firm's success.