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    Compensation and Incentive Plans

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    How might organizations use various compensation methods to remain competitive? How might compensation strategies be used to improve the organization's performance? What is the relationship between compensation strategies and employee retention?

    What are incentive plans? How might they help the organization to achieve their objectives? Do incentive plans really improve performance and are they cost effective? Why or why not?

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    Solution Preview

    Organizations use a variety of compensation methods in order to remain competitive. They may use small incremental raises, and then eventually give an immense one to an outstanding employee. Many will reimburse for mileage, pay for plane tickets, hotels, and rental cars for additional training. These compensations actually improve organization performance because employees will tell everyone in the community of how great their ...

    Solution Summary

    Thsi solution provided ways in which organizations use compensation methods to pay their employees, and describes how incentive plans are used as well as how they benefit the organization and workers.