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Salary Trends: Compensation Practices

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Visit the Web site www.salary.com. Click on "salary trends" and then prepare a brief report on the latest developments in compensation practice. Answer with 500 words or more.

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https://brainmass.com/business/business-management/salary-trends-compensation-practices-developments-601686

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The latest development in compensation practice have entailed formalization of compensation programs by organizations. These programs have been updated to include written philosophies, salary structures and active performance management. This has increasingly become the norm throughout different industries in regard to their compensation practices even for small businesses as well. Organizations are incorporating written formal compensation philosophies into their organizational structure because they believe this resonates well for achieving their business objectives as compensation pay represents the single biggest operational cost for businesses.

Organizations are cultivating salary structure design and administration to better manage their compensation practices and ensure that they align ...

Solution Summary

A brief report is constructed on compensation practices and salary trends.

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Assess Current Compensation Trends

Make a presentation for preparing managers to evaluate the total compensation programs that are likely to be needed in the workplace over the next ten years.

- Incorporate at least three journal articles or publications which may provide some insights into the future requirements for effective pay programs.
- Address pay equity in organizations, and the audience will be your senior management and a few staff members.
- The multi-generational workforce, along with more work-life balance demands by workers, may also influence future pay programs. Imagine that you are giving the presentation to senior management.

Length: 10-15 slides

Notes Length: 150-200 words for each slide.

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