Why is strategic compensation important for the long-term success of a company? Provide detailed steps that company should take to create a long-term strategic compensation plan
It is vital for organizations to engage in long-term, strategic compensation planning for two critical reasons: projecting costs and retention of employees. For most organizations, compensation is one of the largest costs of "doing" business. To plan for compensation increases, whether annually and/or more frequently, will assist an organization in estimated its long-term salary expenses. ...
This solution is over 200 words and provides analysis of two critical reasons all organizations should engage in strategic compensation planning for the long-term: cost projections and employee retention. The solution provides steps that organizations can take in ensuring long-term planning will result in success.