Asked by estefani Ramirez on Jun 04, 2024
Verified
What should be your first step when you formulate the compensation strategy?
A) Define the required behaviour.
B) Determine the compensation mix.
C) Evaluate the proposed strategy.
D) Determine the compensation level.
Compensation Strategy
A compensation strategy is an organization's plan for determining the pay scales and job benefits for its employees, aligning them with its business goals and competitive practices.
Compensation Mix
The combination of various forms of pay (such as salary, bonuses, and benefits) that constitute the total compensation offered to employees.
Required Behaviour
Actions and conduct expected from individuals in a particular role or position, as defined by job descriptions, organizational norms, or cultural expectations.
- Gain insight into the process and considerations important in establishing an effective compensation strategy, including its legal, financial, and strategic aspects.
Verified Answer
Learning Objectives
- Gain insight into the process and considerations important in establishing an effective compensation strategy, including its legal, financial, and strategic aspects.
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