As we talk of the effectiveness of the market pay, an article in the newspaper (http://www.nerve.in/news:253500136950) talked of the sixth pay commission suggesting market-driven salaries to young scientists and professionals with the governement. It throws light on young scientists in particular and argues that emoluments should not be a bar for recruiting a scientist of merit whose services are considered necessary.
The problems that arise in an industry as niche as science is that of retaining the young talent with the present salary. Pay competetive to the market, will not only help retain but also bring many young scientists back from abroad, once they get salaries comparable to the industry. Thus to solve problems like reverse brain drain, industry pay sometimes becomes imperative.
However, the company's current financial situation and other perks associated with the job (specially important with respect to government jobs) does not make market pay necessary to get a selection pool of employees. Money may be a attraction factor, but the decision to join a job ultimately will depend on convenience and interest of the employee
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