Your assignment is to write a short paper 2-3 page
Your assignment is to write a short paper 2-3 page defining compensation, compensation philosophy, and critical components of a compensation strategy. Provide one solid example of an effective compensation practice/policy.
Week 8 Final Paper
Your assignment is to write a short paper 2-3 page defining compensation, compensation philosophy, and critical components of a compensation strategy. Provide one solid example of an effective compensation practice/policy. Your paper will be graded on the following:
- Definition of compensation
- Overview of compensation philosophy
- Critical components of a compensation strategy
- Example of an effective compensation practice/policy
It is necessary to use a professional style/format with headings and sub-headings. Use literature to support your discussion. Use APA style (6th edition) to cite any references and include a References page.
The ultimate goal for this paper is to demonstrate the ability to research and respond professionally to an assignment. Keep in mind that this may be similar to an assignment your employer may give you, so make sure your paper reflects thorough responses to each one of the questions that applies the material we have covered in class!
Please see the attached as well.
Solution Preview
Introduction
It is paramount and evident that for Companies to maintain a competitive advantage, they have to take care of the interest of the employees. This can only be achieved through rewards such as the compensation of the employees. To this extent, therefore, this paper seeks to explore the meaning of compensation, give an overview of compensation philosophy, outline the critical components of a compensation strategy and give an example of effective compensation practice and policy.
Definition of Compensation
Compensation can simply be defined as the cash and non-cash payments that an employer give to any employee for the good work he or she has done for the business.
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