Oct%2016%20Compensation%20Issues,%20Part%20II.pptx - Compensation Issues Part II Questions for today What are two strategies guiding compensation What

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Compensation Issues: Part II
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Questions for today: What are two strategies guiding compensation? What are four factors that influence cash compensation? How do issues of equity show up in compensation? Why does the gender pay gap exist?
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Strategic guidelines for compensation choices: 1. Internal alignment 2. External competitiveness
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Compensation strategy: Internal Alignment Definition: Internal alignment, often called internal equity , refers to the pay relationships among different jobs/ skills/competencies within a single organization. relative pay within organizations Internal alignment = internal equity
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Compensation Strategy: External Competitiveness Companies need to compare pay rates with current and accurate market data. By market-pricing the external value of individual jobs, companies can create competitive pay plans and allocate compensation costs wisely. Organizations will make choices based on business strategy and HR strategy to meet their goals.
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