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Question: 1are the three main elements of compensation systemsinternal consistency market...

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1-Are the three main elements of compensation systems-internal consistency, Market competiveness, a... Are the three main elements of compensation systems-internal consistency, Market competiveness, and recognizing employee contributions-equally important, or do you believe that they differ in importance? If different, which do you believe is most important? Least important? Give your rationale. plz don't copy someone else answer

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2-student's answer

There are three elements of compensation system

Are the three main elements of compensation systems-internal consistency, Market competiveness, and recognizing employee contributions-equally important, or do you believe that they differ in importance? If different, which do you believe is most important? Least important? Give your rationale. Please put your comments in the forum and respond to one other student's comments.

The market competitive pay system is also an important element, which attracting and retaining employees. It was based on competitive compensation surveys. After collecting and analyzing information in the market, the company provides a package of salary and benefit’s business, which is compared to other wage’s organizations to keep employees and recruit good candidates.

Recognizing individual contributions: Pay structures represent pay rate differences for the job. Employees based on their working performance and contribution to pay.

As above recognizing individual contribution is important than other. Evaluating performance better than objective like marketing competitive. Companies can easily measure the quality of work performance, duties, and output. While Market competitive is least important because it is considered as an external factor and does not affect to compensation system.

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