Labour and Employment Relations

A. External Influences on Compensation Policy Select one of the immaterial factors which impact on hire constitution in Barbados and get up a paper exploring its impact on brass instruments. Introduction Different good deal apply different perspective of the term hire, however, according to Milkovich and Newman (2008) compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship, where as (Phillips and Hussey) in the A-Z of Industrial Relations, refers to compensation as monetary as well as non-monetary rewards call by an employer to employees in exchange for assistance rendered in the work of goods and services. This paper will seek to explain the how compensation policy will benefit an organization and the external factors which impact on a compensation policy. How to Develop a Compensation Package Organizations have strategical objectives and hence develop their compensation packages to aide in achieving these organizational goals. One of the fundamental ways an organization goes some meeting its objectives is by ensuring that it formulate its pay strategy to supports its agate line strategy, (Milkovich and Newman, 2008).

Strategy and so is the fundamental direction the organization chooses. The strategic approach is shared among the unhomogeneous levels of the organization and is cemented at the highest level which is the corporate level; here is where the road map for the organization is chartered. Once the vision and mission of the organization is shared among the various sub grouping of the organizations, a number of questions will be answered at the business and the functional levels. These questions are answered on the stick in that there is good symmetry with the organization and the compensation system, then the organization becomes very effective. The compensation system may therefore be predicated on one of the three strategies: Innovation;... If you ask to get a full essay, order it on our website: Ordercustompaper.com

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