Define pay policy. Which competitive pay policy would you recommend to an employer? Why? Does it depend on circumstances faced by the employer? If so, which ones?
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A pay policy can be defined as the entire practices of an organization concerning the determination of how employees will be compensated for their working in the organization. In other words, it can be defined as a policy specifying the pay rates to be used in an organization to ...
In this response, pay policy is defined. We will discuss which pay policies shall be followed by a company and whether or not it depends upon the circumstances faced by the company.