Lesson 3: Pay & Compensation; Strategic & Practical Approaches
INSTRUCTIONS:
1) Please watch the following video:
https://www.salary.com/blog/understanding-the-salary-benchmarking-process/
https://www.payscale.com/compensation-today/2019/10/compensation-benchmarking-what-you-need-to-know
https://www.hrknowledge.com/compensation-benchmarking/
2) Based on the information contained in the video, please respond to the following:
a) What is compensation benchmarking?
b) What steps should one take in preparing to introduce a compensation benchmarking program?
Be sure to cite the source of all info where you type it and again on a ref. list at the end of the assignment.
SAMPLE SOLUTION
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Write My Essay For MeCompensation Benchmarking
Business activities are crucial economic pillars at national and international levels, which should meet governments’ and individuals’ needs. Competition in business has resulted in the provision of high-quality goods and services to the market. The quality of production depends on various factors like the working conditions of the employees. Employee’s compensation leads to job satisfaction and commitment to the job (Prasetio et al., 2019). Businesses and organizations offering enticing benefits…
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