Ethical considerations that effect compensation decisions
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This solution explores the ethical issues and considerations that have the potential to influence an organization's compensation decisions. This solution further investigates the ethical dilemmas a company faces when developing a compensation strategy.
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Solution Summary
This solution explores the ethical issues and considerations that have the potential to influence an organization's compensation decisions. This solution further investigates the ethical dilemmas a company faces when developing a compensation strategy.
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The compensation plan that an organization decides to implement has the potential to determine whether the organization realizes success or failure. At first glance one may believe that a compensation plan is simply a method by which employees are paid and wages determined. However, the intrinsic importance of a compensation plan is much more significant.
A compensation plan can be utilized to motivate employees, limit turnover, and enhance recruiting efforts. For this reason the ethics behind the implementation of a compensation plan are particularly important. From an ethical standpoint, employees want to work in an environment in which they are trusted, respected, treated with dignity, and have the opportunity to excel and be compensated accordingly (Bloom, 2004). For this reason, compensation plans must be ...
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