Compensation and benefits Questions*** Each answer must be at least 200 words with references cited below each question!!! Original answer. graduate level work Please!!!!
1.Discuss the general goals of an organization’s compensation system, including how a compensation strategy works to support the organization’s business strategy.
2. Discuss the various factors that influence a companyâ€™s competitive strategies and compensation practices. Assess how a company can mitigate these factors using effective compensation practices.
3. Define the concept of seniority and merit pay plans, including the strengths and limitations of such plans within an organization. Discuss the job, organizational and/or other factors that should be considered when deciding between the two.
4. Discuss how incentive pay plans â€“ both individual and group â€“ motivate employees to achieve high levels of performance. Identify potential weaknesses of these plans and suggest steps that can be taken to make these plans highly effective. Then, choose one industry that either an individual or group incentive pay plan would work best providing support for your reasoning (using personal examples to illustrate your point if possible). Explain your answer.