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solution manual for Compensation 5th Canadian Edition by George Milkovich solution manual for Compensation 5th Canadian Edition by George Milkovich CHAPTER 2 STRATEGIC PERSPECTIVES LEARNING OUTCOMES After studying Chapter 2 students should be able to: Explain why managers should tailor their pay systems to support the organization’s strategy. Identify the four steps to develop a total compensation strategy. Describe the three tests used to determine whether a pay strategy is a source of competitive advantage. Contrast the “best fit” perspective on compensation with the “best practices” perspective. CHAPTER SUMMARY The four steps to develop a total compensation strategy are: (1) assess total compensation implications, including business strategy and competitive dynamics, HR strategy, culture/values, social and political context, employee/union preferences and fit with other HR systems; (2) map out a total compensation strategy;(3) implement the strategy; and finally, (4) assess and realign the strategy to ensure achievement of the objectives. To improve organizational effectiveness, managers should align the compensation strategy to the organization’s strategy. The three tests used to determine whether a pay strategy is a source of competitive advantage are (1) Does it align? (2) Does it differentiate? And (3) Does it add value? The “best fit” perspective on compensation suggests that compensation be aligned, or fit. With the specific business strategy adopted by the organization. given its environment, in order to maximize competitive advantage. The “best practices” perspective suggests there is one set of best pay practices that can be applied universally across situations and strategies, attracting superior employees who then create a winning strategy. all ch download via https://r.24zhen.com/h7Q7g
