Critically analyse the compensation system in an organization of your choice and suggest improvement to the current compensation system.
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Critically analyse the compensation system in an organization of your choice and suggest improvement to the current compensation system.
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- What are employee benefits? Explain how they are a major part of the compensation package. Review a current compensation package and determine if it is adequate and fair given the tasks needed in the job.Discuss with the business 3 job evaluation methods utilized to determine compensation strategy. Include advantages and disadvantages of each method.You are asked to establish a worker’s compensation program in your organization that better manages your organizations workers’ compensation exposure. Identify six (6) specific services that you would include in this program and describe the value of each to the overall program.
- Give at least three (3) examples of internal and external factors to consider when developing a rewarding compensation plan and identify the advantage and disadvantage of each factorWhat is the theory of cost allocation in relation to workers compensation?Explain the importance of compensation management. Provide your answer with appropriate example and theory
- discuss the role of compensation surveys in benchmarking and setting pay levels.We are discussing compensation in companies: What are some of the differences between internal and external employee equity in relation to standards for compensation in companies and the industry in which they do business?describe three considerations in developing a pay system. Which is the best?