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What is Variable Pay and 5 types of compensation that could be included in a Variable Pay plan?

What specific type of variable pay would you develop for each department of the Riordan organization and why would you choose that type of pay

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The solution defines Variable Pay and the five types of compensation that can be included in a Variable Pay Plan. It also suggests a specific type of variable pay for the departments of Riordan organization. References included.

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What is Variable Pay and 5 types of compensation that could be included in a Variable Pay plan?

As companies have become so concerned with equating employee's pay with their performance while making themselves competitive in the job market, they have realized the value of alternative compensation that can accomplish these objectives in one way or another. Employees who have worked harder than the others and have increased efficiency are rewarded with a variable pay. With this technique, other employees are also motivated to do the same so that they can also share in the additional pay. Variable pay is given to the individual worker or a team of workers for extraordinary efforts rendered for the company (Zall, M., 2001). Variable pay is an innovation designed to bring the salaries of the employees parallel with the companies' performance in the market. It ...

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