An important component of compensation strategy is the organization’s compensation philosophy. Define what is meant by a “compensation philosophy” and discuss the principle components and limitations of a compensation philosophy, and answer the following two questions using the question and answer (Q&A) format. The Q&A format should include the original question along with your response. Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from the CSU Global online library or the internet, and provide the full citation at the end of your post. Use APA guidelines to format your references.
- What are the major elements of an effective strategic compensation system?
- How can strategic compensation contribute to an organization’s goals and strategy?
Your initial posting should be well-researched, contain at least 300 words, and must be submitted by Thursday, midnight, of this week. Your initial post must meet APA guidelines and include at least one scholarly reference from course materials. The two reply posts to your fellow students must be similarly substantive in a manner and address two of the following bullets:
- Answer a question (in detail) posted by another student or the instructor
- Provide extensive additional information on the topic
- Explain, define, or analyze the topic in detail
- Share an applicable personal experience
- Provide an outside source (for example, a website) that applies to the topic, along with additional information about the topic or the source (please cite properly in APA)
- Make an argument concerning the topic