HRM 324/HRM324 WEEK 2 INTERNAL AND EXTERNAL EQUITY COMPARISON PAPER

Jul 16th, 2016
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Internal and External Equity Comparison Resources: Assigned readings, ERRs, the Internet, and other resources Write a 700- to 1,050-word paper, in which you identify a total compensation plan for an organization focused on internal equity, and a total compensation plan for an organization focused on external equity. Identify advantages and disadvantages of internal and external equity for the organizations. Explain how each plan supports that organization’s total compensation objective and the relationship of the organization’s financial situation to its plan

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Running Head: Internal and External Equity ComparisonHRM 324/HRM324 WEEK 2 INTERNAL AND EXTERNAL EQUITY COMPARISONPAPERInternal and External Equity ComparisonResources: Assigned readings, ERRs, the Internet, and other resourcesWrite a 700- to 1,050-word paper, in which you identify a total compensation plan for anorganization focused on internal equity, and a total compensation plan for an organizationfocused on external equity.Identify advantages and disadvantages of internal and external equity for the organizations.Explain how each plan supports that organizations total compensation objective and therelationship of the organizations financial situation to its planTitle:Course Name:Topic Name:Professors Name:Student Name:Date:Running Head: Internal and External Equity ComparisonRunning Head: Internal and External Equity ComparisonIntroductionInternal and external equity two important strategic factors for organizational success. If youwant to maintain and develop a culture of fairness, you must need strongly internal and externalequity. Internal equity it ensuring fairness in compensate for employees who working same jobs(Wernerfelt B, 1984). On the other hand external equity mainly refers to comparisons with othercompetitive organizations pay structures. Compensation packages are one of the most usefulparts of the mystery when an organization initiate a program designed to invite and retain properemployees. A well planned compensa

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