Goals of compensation with the goals of the

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goals of compensation with the goals of the organization and seeks to add value by expanding both its strategy and high- level corporate participation (Martocchio, 2017, Section 1.2). What this means is that the plan and structure in which employees are compensated for their work must be in line with the overall organization and goals and must work to support the goals. For example, if a company claims to be the leader or best at something, the compensation plan needs to be able to support his as well otherwise the highly- skilled employees that are required to support this statement may look elsewhere, which will impact the company’s ability to remain competitive. Martocchio, J.J. (2017).
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Strategic compensation: A human resource management approach (9th ed.) [Electronic version]. Retrieved from Discussion Two: Discuss the various factors that influence a company’s competitive strategies and compensation practices. Assess how a company can mitigate these factors using effective compensation practices. Respond to at least two of your fellow students’ postings. Classmate 1 post: As stated in my last discussion payment policies effect business practices through its plan and execution of the compensation method to emphasize the goal of the HR tactics and competitive corporate tactics. The benefits and compensation managers labor with the head HR manager and the business’s (CFO) which is also known as the chief financial officer to put in order completed compensation policies. Some of the strategies also include differentiation, low cost, cost leadership and so much more. Differentiation plans included cost, technology, customer service, branding image and or features and design. Customer are loyal to the brand when he and or she is familiar with company and is also satisfy with the service and product. Customers are also
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likely to stick with the brand he and or she knows even if the prices may increase slightly. Low cost plan and cost leaderships competitive advantages concentrates on being cost effective in production and service (Martocchio, 2017). Businesses centers it approach and preparation on the ecological scanning happenings. These strategies are migrated through the firms being able to be aware of risks and opportunity. One of the key emphases is of the ecological scanning. A risk proposes a bad circumstance in which deficit is expected and over which a person has moderately no authority. An opportunity suggests an optimistic circumstance in which state is probability and over which a person has a reasonable extent of power over (Martocchio, 2017). One example that the book illustrated a competitive advantage being used in business was the one with US businesses and the Saudi Arabia businesses. Several gas and lubricant extraction corporations in the America presently confronted with risks to distribute and profitability as the source of emollient universal is growing more rapidly than the request for it. Saudi Arabia, is leading lubricants as one of the top manufacturing nations in the biosphere, carry on in to pouring unpolished lubricant, fundamental to a surplus. In the past, Saudi Arabia restrained lubricant manufacture, which steered to a drop in the supply relative to needs, piloting to higher costs. The Saudis has pull out from
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