Discuss the general goals of an organization's compensation system, including how a compensation strategy works to...

50.1K

Verified Solution

Question

General Management

Discuss the general goals of an organization's compensation system,including how a compensation strategy works to support theorganization's business strategy.

Answer & Explanation Solved by verified expert

4.0 Ratings (768 Votes)

Answer The point of the compensation system is to set clear and reasonable standards for the amount to whom and for what to pay with the goal that workers are persuaded to improve their presentation accomplish the set targets and simultaneously get reasonable compensation comparing to the work market and association capacities A compensation bundle is a significant piece of the general vital HRM plan since a great part of the organizations financial plan is for worker compensation A compensation bundle can incorporate pay rewards medicinal services plans and an assortment of different sorts of compensation The objectives of compensation are to pull in individuals to work for your association and to hold individuals who are now working in the association Compensation is likewise used to propel representatives to work at their pinnacle execution and improve assurance Representatives who are genuinely remunerated will in general give better client assistance which can bring about authoritative development and improvement How a compensation strategy attempts to help the associations business strategy A compensation strategy spreads out your associations perspective on how See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member