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Quality compensation programs are required for a profitable business.
Steps that a company can take to align its compensation system with general business strategy are:
1. Incentive program for higher output
2. Higher wages than competitors.
3. Commission based rewards
4. Greater perquisites depending upon ones performance.
A premier compensation plan lets employees know they are valued. Consequently, most will work hard to achieve the company's goals - this benefits them, and the company, which in turn benefits the employees even more, and the company, and so on.
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Jul 12th, 2015
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