Compensation is one of the fundamental responsibilities of an HR department, with the ability to offer a compensation package that attracts and retains employees serving as a key to obtain the talent to pursue dramatic organizational goals.
Answer the following in 2 to 3 page:
1. Explain the need and rationale for a compensation philosophy.
2. Propose a compensation philosophy that may be applicable and utilized for a Fortune 500 company.
3. Finally, discuss the principal types of monetary, or core, compensation and when it may be most applicable to use one type of compensation over another.
Requirements:
a. Be 3 to 4 pages in length
b. Include at least two scholarly sources that support your position
c. Follow APA format