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    Common Compensation Terms

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    1.) A common compensation term used today is "total rewards." What does it mean to you and do you see value in it?

    2.) Another common compensation term is "pay-for-performance." What does it mean and how could your current organization better use the philosophy?

    3.) What benefit that your company provides is the most valuable to you and how do you think that value compares to the company's actual cost?

    4.) What is "employee relations" and how can a company have the best employee relations possible?

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    Solution Preview

    Total Rewards is an incentive plan offered by employers to let the employees know that they are appreciated and valued as employees. Much needed tools that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship. All through the ages, employers have been challenged with attracting, motivating and retaining employees. One way to attract them is through incentive programs that offer what other employers do not. From the simplest negotiating concepts of the past to the current complicated incentive plans of today, the organizational principle has not changed: Provide productivity and results to our company and we will provide you with something valuable. There is plenty of value in a total rewards program due to the fact that ...

    Solution Summary

    This solution of 546 words explains different common compensation terms such as total rewards, pay-for-performance, employee relations and value vs. actual cost.