short note on topic compensation scheme
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Compensation is a tool used by management for a variety of purposes to further the existance of the company. Compensation may be adjusted according the the business needs, goals, and available resources.
∆Compensation may be used to:
•Recruit and retain qualified employees.
•Increase or maintain morale/satisfaction.
•Reward and encourage peak performance.
•Achieve internal and external equity.
•Reduce turnover and encourage company loyalty.
•Modify (through negotiations) practices of unions.
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I just hope you will understand!!
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