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? explain your answer.
Internal Consistency: This compares the value of any job against the value of all other jobs within a firm.
Market Competitiveness shows how the company values its employees vs the rest of the market. In order to maintain and attract the best talent. This requires an intrinsic and extrinsic look at the positions within and outside of the firm.
Recognizing Employee contributions recognizes the value that the employee brings into the firm and pays them accordingly.
I personally believe recognizing employee contributions is the most important aspect. This is the only one which specifically measures the employees performance, output and quality of work. Sales jobs come to mind here. If a salesperson brings in additional clients, he deserves a larger bonus than another who only hits the quota. This incentivizes the salesforce to go out and bring in more business. Without a compensation package to influence this behavior it would be harder to get them to work more. Even if sales roles are not considered, the output and quality of work should determine the salary, not the market value of that jobs position or comparing a job to the others within the firm.
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