Asked by Aerial Johnson on Jun 20, 2024
Verified
Briefly describe the five main steps in the formulation of compensation strategy.
Formulation Of Compensation Strategy
The process of defining how an organization structures and offers compensation in order to attract, motivate, and retain employees.
- Gain an understanding of the methodology and essential aspects required to develop a compensation plan.
Verified Answer
HC
hannah carpenterJun 22, 2024
Final Answer :
The five main steps in the formulation of this strategy are:
1. Define the behaviour that the organization requires.
2. Define the role the compensation system will play in eliciting that behaviour.
3. Determine the best mix of compensation components.
4. Determine policies for compensation level.
Conduct a pre-implementation evaluation of the proposed strategy to verify that it meets criteria for success.
1. Define the behaviour that the organization requires.
2. Define the role the compensation system will play in eliciting that behaviour.
3. Determine the best mix of compensation components.
4. Determine policies for compensation level.
Conduct a pre-implementation evaluation of the proposed strategy to verify that it meets criteria for success.
Learning Objectives
- Gain an understanding of the methodology and essential aspects required to develop a compensation plan.
Related questions
You Have Been Asked to Provide Recommendations to a Compensation ...
Briefly Discuss the Four Key Understandings Necessary for Successful Formulation ...
To Keep Work Interesting and Provide Higher Compensation Opportunities for ...
Before Adopting a Compensation Strategy,it Must Be Able to Pass ...
Your Organization Is Facing Significant Competition,putting Pressure on Your Profit ...