What should Fresh Munchables do to ensure competitive pay for food engineers in their research and development division?

To ensure competitive pay for food engineers, Fresh Munchables should aim to lead the market in base pay. Leading the market in compensation is a strategic approach that can help attract top talent, which is crucial in specialized fields such as food engineering and research and development. By offering salaries that exceed the average, the company not only makes itself more appealing to high-caliber candidates but also can reduce turnover rates and foster a motivated workforce, as employees feel valued and acknowledged for their skills and contributions.

In a competitive job market, leading in compensation can also help establish Fresh Munchables as a desirable employer brand within the industry. This approach enables the organization to not just fill vacancies but to attract individuals who are innovators and thought leaders. Therefore, prioritizing a salary structure that exceeds the market average can significantly enhance the company's ability to recruit and retain talented food engineers essential for driving innovation and growth in their product development.

Conversely, following market trends could result in compensation packages that are merely average, potentially limiting the company's ability to attract the best talent. Offering variable compensation can complement a base salary but may not be sufficient alone to entice prospective employees, especially if the base pay is lower than competitors. Lagging in base pay could further disadvantage the company by making it