Describe the key purpose of a compensation system
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Describe the key purpose of a compensation system
Explain why an effective compensation system is important to most organizations.
• Distinguish between extrinsic and intrinsic rewards.
Distinguish between a reward system and a compensation system.
• Describe the key aspects of a compensation strategy.
Step by step
Solved in 3 steps
- Discuss with the business 3 job evaluation methods utilized to determine compensation strategy. Include advantages and disadvantages of each method.What are the differences between incentive pay methods and traditional pay methods?What are the factors affecting employee compensation? How to develop a strategic compensation strategy?
- How vision and mission of any organization may affect the compensation approach? explain brieflyWhat are the different types of compensation? Explain each type.The “controversy of executive compensation”Taking this into consideration, examine the objectives of a compensation system, employee benefits and benefit planning.