You have been assigned to redesign the compensation strategy for your organization. The first step is to determine the numerous stakeholders who need to be included in the compensation strategy and/or decision. Using the web and other materials to support your position, briefly write responses for each of the following:
- Who should be involved in compensation strategies and decisions?
- Why is their participation necessary?
A compensation strategy is used to determine the purpose of each component of the compensation package (base salary, short-term incentives, long-term incentives, benefits, perks, and recognition programs). A good strategy increases the organization's chance to find and keep high-caliber employees and strengthens the relationship with employees, which motivates and ...
In about 214 words, this solution is comprised of a discussion detailing compensation strategies and why redesigning the compensation strategy for an organization may be a good strategy for the business.