difference between, Pay Philosophy, Pay Grades and Pay Systems

Question 1: The Nature of Compensation (Everyone responds) 

For our first question, take a moment to think about compensation. What does compensation mean to you as an employee? Talk to your colleagues at your workplace. What do they think about compensation in general?  Does pay motivate them in their job or is it something else?   Please do not ask them personal information such as their salary.  Is it really all about money? Is there a psychic component to compensation for you or for them? Conduct brief research and see what experts say is the effect of satisfied employees on a company’s bottom-line.

Question 2: Benefits

Why do employers provide employee benefits, rather than providing all compensation in the form of pay and letting employees purchase the services they want? Of the benefits discussed in chapter 6, list the ones you consider essential- that is, the benefits you would require in any job offer. Why are these benefits important to you?

OR

Question 3: Pay Systems

Define each concept below. Include in your discussion, thoughts about the nuances or issues surrounding each concept and then demonstrate how they relate to one another.

Pay Philosophy

Pay Grades

Pay Systems

Job Classifications

Types of Pay

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