Asked by Jenna Raney on Apr 24, 2024
Verified
Briefly discuss the four key understandings necessary for successful formulation of compensation strategy.
Successful Formulation
The process of effectively creating or devising plans, strategies, or products that achieve desired outcomes or objectives.
Compensation Strategy
A plan or approach developed by an organization to determine how to use compensation and benefits effectively to attract, retain, and motivate employees.
- Comprehend the steps and key factors involved in devising a strategy for compensation.
Verified Answer
FT
Filiana TanotoMay 02, 2024
Final Answer :
The four key understandings are: understanding your organization; understanding your people; understanding your compensation options; and understanding your compensation constraints. The foundation for the first understanding is the strategic framework described in Chapter 2; for the second understanding is the behavioural framework described in Chapter 3; for the third understanding is the components of compensations strategy described in Chapter 4; and for the fourth understanding is the first section of Chapter 5
Learning Objectives
- Comprehend the steps and key factors involved in devising a strategy for compensation.
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