Compensation WK 3 Assignment

Compensation WK 3 Assignment - Compensation WK 3 Assignment...

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Compensation WK 3 Assignment Darwin Quintuna Compensation is the reward that an employee receives for working in an organization. Compensation can be divided into two primary types which are intrinsic and extrinsic compensation. Intrinsic compensation is how an employee feels about the job. For example depending on the type of work an employee performs, he/she can feel a sense of satisfaction or sense of accomplishment that cannot be equaled by any salary received. Extrinsic compensation is a combination of both sense of accomplishment and the contribution received. “Compensation professionals establish monetary compensation programs to reward employees according to their job performance levels or for learning job related knowledge or skills”. (Martocchio, 2009, pg3) Compensation philosophy refers to how to attract, retain and motivate good people. These goals are accomplished by three components – base pay, incentive pay, and benefits. For example let’s take into consideration a company’s pay philosophy. One company’s pay philosophy might offer salaries that
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This note was uploaded on 05/06/2010 for the course COMPENSATI 330 taught by Professor Na during the Spring '10 term at DeVry Chicago.

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Compensation WK 3 Assignment - Compensation WK 3 Assignment...

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