Relationship an organization's compensation plan
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Explain the relationship an organization's compensation plan should have with objectives.
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This solution discusses the relationship between an organization's compensation plan and their objectives.
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An organization's compensation plan could include any of the following and could include; base pay, commissions, merit pay, bonuses, profit sharing, company match for 401k or similar plan, stock options (both performance and standard), allowances for travel and tolls, tips and gratuities, meals and housing and benefits which could include medical, dental, vision, paid or unpaid vacation, different types of leaves i.e.; family, pension plans, and or 401k plans which also offer a tax break for the employee. An organizations compensation plan should match as closely as possible as circumstances allow, the type of worker they want to hire and retain and the company's objective.
An example of this would be an industry like entry level retail. Flexible preferred stock incentives probably won't make sense to their average employee (but would to a Harvard MBA in a startup), but ...
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