Answer to Question #243047 in Management for Madhu

Question

2. Discuss the problems associated with the implementation of a compensation strategy and recommend some approaches to overcome them. ( Brief note)

Answer 1

Allocation of funds on a budget. The firm's technique to distributing remuneration dollars into pay and rewards should be included in the policy.

Develop Payment Ranges: A salary variation is the sum of money an individual expects to be paid among a set of low and high values once they've been employed by a firm.

Payroll Audits: By conducting a payroll audit, companies may ensure that their payroll data are accurate. The assessor can verify that all actual workers are getting paid at the right rate and that no one is being mistreated or defrauded.