Compensation
In a 3 page paper, outline the current compensation philosophy for your organization. Evaluate this current philosophy and propose ways to enhance or revamp the current compensation philosophy to meet the changing needs of the organization and its employees. Identify key factors within the internal and external environment including the mission and strategic focus of the organization, as well as the financial and cultural aspects of your organization (i.e., you cannot have a compensation philosophy where you “lead” the market if your organization does not have the financial resources) that should influence this philosophy. The proposed philosophy itself should be no more than a short paragraph. The remaining portion of your paper should be devoted to supporting your choice of that philosophy within your chosen organization by identifying the key factors that should contribute to its development.
MUST BE APA
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Introduction
Compensation philosophy can be described as a statement which is formal describing how it compensates its employees. It explains the reasons why it pays its employees a given amount of money in form of salary for the services they provide. The philosophy is usually formulated by the human resource office, as it is responsible for employee compensation in the organization. The philosophy is based on many factors, for example the organization ability to pay, objectives of the organization and the size of the firm. This is based on the fact……………..
APA
888 Words
