Compensation System of Organizations
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How do organizations establish appropriate objectives for their compensation systems?
How do changes in corporate strategy affect the objectives of the compensation systems?
When should organizations lead, lag or match the external market for compensation?
What are the pressures and challenges that are facing organizations today in the area of benefits and how can they address them?
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Solution Summary
This posting discusses the manner in which companies set up their compensation system. It also explores situations in which changes in corporate strategy leads to changes in the compensation system.
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STEP 1
How do organizations establish appropriate objectives for their compensation systems?
1. Organizations establish appropriate objectives:
2. On the basis of the market rates of salaries for comparable jobs;
3. On the basis of achieving the objectives of recruiting, training and retaining employees;
4. Organizations adjust their compensation systems depending on the demand and supply of suitable employees for their organization.
5. Organizations sometimes use their compensation system as a tool for improving the motivation of employees.
6. Organizations use compensation system as an incentive system for employees.
STEP 2
How do changes in ...
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