Strategic Wage Analysis for Nurse Retention and Competitive Salaries

As Director of Human Resources, the fast task of rectifying the nurses pay issue is by assessing the competitor’s wage pay to its employees before considering the $5 an hour to nurses. This will give me a chance to understand the amount nurses require to prevent them from being poached by the competitor regarding the salaries. Therefore, having such an understanding it will provide a platform for being able to balance the amount available for the expense and to satisfy nurses. Through this assessment, the exact amount to keep registered nurses at their jobs will be determined which might be lower than the $5 an hour required by the Director of Clinical Service (Cascio & Wayne, 2018). Thus, the business will survive the pressure and the same time nurses will be satisfied to continue to offer their services.

Regarding the internal and external wage analysis, the SWOT analysis will apply to determine the strengths, weaknesses, opportunities and possible threats. Therefore, focusing on internal environment increase in wage will be a strength of the organization in maintaining its employees. However, it will impact the business negatively considering the availability of resources thus causing a weakness. But looking at the perspective of external wage analysis, the key elements to be found in the opportunities available for the business to perform best focusing on the competitors (Lu et al., 2017). Hence through this, the relative wage is determined that suits the organization considering its revenue. Moreover, the threat element under SWOT analysis will provide a chance of knowing potential inhibitors that might affect the organization wages to its employees, thus planning will be in advance in considering setting additional resources for salary increment in case the need arises.