Discuss how a compensation strategy might be different if a company uses an innovation strategy
Discuss how a compensation strategy might be different if a company uses an innovation strategy compared to a cost leadership strategy:In preparation for this, please read Align Pay With Business Priorities to Reap Rewards. (https://www.shrm.org/hr-today/news/hr-news/Pages/alignpaywithbusinesspriorities.aspx)
1.Compensation is an important element of a high-performance workplace. It is critical to ensure that the compensation philosophy is aligned with the overall organizational strategy. Discuss how a compensation strategy might be different if a company uses an innovation strategy compared to a cost leadership strategy. Include market position, pay mix, and benefit strategies in your discussion.
2.Discuss the business strategy implemented at your place of employment and how well the compensation strategy is aligned to support it. If you are not currently employed, you may use an example from your previous employer.
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