Salary Compensation Accord Position Draft

Salary Compensation Accord Position Draft

Introduction

The main purpose of this paper is to discuss about the facts and analysis of Salary compensation by using six steps of critical thinking.

Knowledge

The compensation is that process which is used for providing monetary compensation to the works against their services.

It has to be aligned with the company's strategy, which can be measured and compensated.

It is designed to achieve satisfied employees, retain good talent, better results for the company, motivates changes behavior of people who make up the team.

The key element are about creating value for the company, i.e., how the company is able to position itself in a market in which it competes, that means more satisfied clients and customers within that market.

Compensation must be total salary plus all other relevant benefits for personnel (Chingos, 2002).

Comprehension

It is seen in practice when the sales team selling our clients, establishing a basic fixed compensation plus other elements based on results for that business area.

The idea is to define a strategy for how you will position the company within their specific market that means the results in time, but then comes a question, how does the employer to use levers within the company and ensure this result is achieved?

Application

The solution is in the people, if we have good people and we must seize it to tie the behavior of good people are used compensation schemes.

The evaluation of salary compensation is essential to create the values for company.

Evaluation ensures that the best employees are satisfied and talents are utilized through salary compensation.

Role of Management in Salary: Compensation: In this section, the author discussed the ways in which management ensures effective salary compensation (Heneman, 2002). The important thing is not to have many but only the key metrics, ...