Compensation Philosophy

Guidelines for organization: You are the CEO of a large name-brand (feel free to assume any brand you like Sandals, Marriott, etc.) resort in the US. The global recession and economy have not been kind to your resort and business is off by 35% over the last three years. Other large resorts in your area are also suffering but they […]

explain how all three components would be used to determine the compensation for an employee.

Foundations of a Compensation Strategy The most effective compensation strategy is one that develops a clear link between the following components: •Job Description (i.e., work that an employee is expected to perform). •Performance Evaluation (i.e., work that the employee has performed). •External Salary Survey and Internal Salary Comparison (i.e., pay provided to each employee). Examine the interrelationship between these three […]