Compensation Purpose and Strategy Document The purpose of this assignment is to september 2023

HR UNIT 8
Compensation Purpose and Strategy Document The purpose of this assignment is to choose a compensation philosophy that  is appropriate for your chosen firm and articulate a rationale for this  selection. There are two aspects to this assignment. First, describe the risks and  benefits with leading, meeting, and lagging the market in overall compensation  and benefits. Next, choose the appropriate strategy (lead, meet, or lag) for  your firm, and provide rationale about why this is appropriate. There is a minimum requirement of 500 words for the compensation purpose  and strategy document. Consider some of the following factors in your assignment: Payroll expenses are usually the highest  expense at most firms. If you lead the market, this expense can  be taxing. If you are pursuing top talent in human  capital rich industries (e.g., software engineering), lagging the market may  keep you from competing for market share against your  competitors. If you meet the market, paying average  will generally not attract top talent, and in addition, you will not have the  labor-cost savings of a lag-the-market strategy. Any sources used, including the textbook,  must be referenced;  paraphrased and quoted material must have accompanying  citations in APA  format.

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