Discuss the following within a word limit of 225 words each:
1. The four policy issues in the pay model are
(1) internal alignment,
(2) external competitiveness,
(3) employee contributions, and
(4) administration of the pay system. Define the four policy issues in the pay model. What purposes do the objectives in the pay model serve?
2.Three tests for any source of competitive advantage are align, differentiate, and add value. Discuss whether these tests are difficult to pass. Can compensation really be a source of competitive advantage?
3.How are compensation strategy and HR strategy central to successful business strategy?
4.Contrast the essential differences between the best-fit and best-practices perspectives.
Reference:
Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). New York, NY: McGraw-Hill/Irwin