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External Competitiveness & Internal Equity in an Effective Compensation Program
The ability to create a successful market-based compensation program is contingent on a number of key variables. Yet none is more important than gaining a clear understanding of what it takes to have a compensation program that is externally competitive, while at the same time internally equitable.
In this assignment:
- Discuss what is meant by a market-based compensation program.
- Explain how an organization can balance external competitiveness with internal equity to achieve a successful market-based compensation program. Be specific.
- Illustrate with actual examples of employers achieving this balance. Also, provide examples of organizations failing to achieve one or both and illustrate what might result.
Bring in at least 5 library sources to help strengthen and support your discussion.
Paper length: 4-5 pages, not counting the cover and reference pages.