Question

are the main elements of compensation systems - internal consistency, market competitiveness, and recognizing employee contributions - equally important, or do you believe they differ in importance?

Answer 1

Main elements of compensation systems-internal consistency, market competitiveness, and recognition of employee contributions.

All 3 compensation machine is equally essential for the corporation. that is because developing a compensation scheme after analyzing all the three structures will assist in handing over a aggressive earnings for the employees, and they will get attracted towards the agency.

Both internal consistency and marketplace competitiveness are similarly crucial for a corporation's competitive gain. An organization shouldn't select to compensate its personnel solely primarily based on the enterprise's monetary talents or what everybody else in the market if offering.

Internally constant compensation systems in reality outline the relative value of each process amongst all jobs within an employer. This ordered set of jobs represents the job structure or hierarchy.

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