Describe the key purpose of a compensation system

Principles of Management
OER 2019th Edition
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax
Chapter11: Human Resource Management
Section11.4: Influencing Employee Performance And Motivation
Problem 2CC: What is the first step in defining an organizations pay-for-performance strategy?
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Describe the key purpose of a compensation system

 

Explain why an effective compensation system is important to most organizations.

 

• Distinguish between extrinsic and intrinsic rewards.

 

Distinguish between a reward system and a compensation system.

 

• Describe the key aspects of a compensation strategy.

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