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    Compensation Philosophy in an Organization

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    In a 2-3 page paper, present a compensation philosophy for your current organization. This philosophy should be cognizant of 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). The philosophy itself should be no more than a short paragraph. The remaining portion of your paper should be devoted to statements that support your choice of that philosophy within your chosen organization.

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    Compensation Philosophy of my Current Organization

    All companies with employees need to make determinations regarding how and what they should pay to their workers and when to provide things like increases, bonuses and other benefits & incentives (Ellis-Christensen, 2010). All these decisions of a business enterprise cannot be performed haphazardly as these involves the consideration of several aspects related with employees so they evolve with a compensation philosophy (Jackson, Schuler & Werner, 2008). A compensation philosophy is a real plan for how employees will be paid, when their returns will increase and when incentives are suitable.
    By communicating a compensation plan, an organization can easily inform all of its employees regarding its compensation philosophy. A compensation philosophy is an organization's commitment to how it values its employees. A coherent compensation philosophy offers a frame of reference to the management and its employees at the time of negotiating salary ...

    Solution Summary

    Compensation philosophy in an organization is examined.