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Compensation and benefits is a very important part of the strategic plan of an organization.
Compensation and benefits are designed to attract, motivate, and retain employees and to achieve an advantage over competitors. Financial forms of compensation include direct pay (including base salary) and variable pay (also known as incentives or pay-for-performance).
Indirect pay is more frequently known as benefits, such as paid and unpaid time off, insurance protection, and retirement programs.
Lifestyle benefits or quality of work-life (QWL) issues are very important for achieving a competitive edge in efforts to attract and retain top talent.
• Write a 1-2 page report describing the relationship between an organization’s business strategy and its pay systems. In your report, demonstrate an understanding of A Pay Model. Discuss examples of direct and indirect pay and how both are important to an organization’s business strategy.
• Discuss a goal or objective of your current organization. What aspect of the company’s compensation system aligns with this goal/objective? For example, if a goal is excellent customer service, how does the organization make sure this objective is met through direct or indirect pay?
• End your report discussing what specific outcomes in the pay model an organization could impact through the use of quality of work-life (QWL) programs. What do you think is the most important outcome resulting from these programs? How can an organization formally evaluate whether a QWL program has been effective?
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