Compensation management functions – Human Resources
Define and explain (using your own words) the contents of the four major compensation management functions: 1. internal alignment, 2. external competitiveness, 3. employee contributions (i.e. pay for performance), 4. managing the system
First, explain how the in-class activity you selected (see below table) illustrates the key concepts and questions listed in the table. Please be specific.
Second, provide at least one practical implication (i.e., connection to compensation, management, work or life) of the activity. Tip: an effective way to do this is by giving an example (perhaps from your own experience). Discuss why it is important for “real” HR managers to understand how this concept operates in the workplace.
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