compensation

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Title: compensation

Essay Details:

Subject: Business

Author:

Date: November 27, 2016

Level: University

Grade: B

Length: 9 / 2482

Essay text:

Compensation shows employees how much they are appreciated and worth. The most important differentiating element between jobs is the effort involved in performing a job (Biesheuval, 1985). ? Objectives of pay systems (Harzing and Van Ruysseveld, 1999): Objective: How to achieve it. To attract employees: Job salary To keep qualified employees: Bonus or incentive to stay e.g. shares To stimulate effective performance: Payment by results To teach employees new behaviours at work: Multi-skill bonus To compensate for inconvenient working conditions: A separate allowance ? Monetary and non-monetary compensation Compensation is made up of many parts...

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