• Identify and develop the competencies needed by the HR managers to solve the existing issues in the organization and• Formulate successful strategies in the field of compensation management to overcome the challenges. Subject : ( compensation and benefits )
• Identify and develop the competencies needed by the HR managers to solve the existing issues in the organization and• Formulate successful strategies in the field of compensation management to overcome the challenges. Subject : ( compensation and benefits )
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
• Identify and develop the competencies needed by the HR managers to solve the existing issues in the organization and
• Formulate successful strategies in the field of compensation management to overcome the challenges.
Subject : ( compensation and benefits )
Expert Solution

Step 1
Compensation management is the type of management practice which deals with designing and implementing a compensation package. In compensation management the manager sees the reward that an individual will receive for his work done for an organization. Compensation can be in the form of cash or any added benefit to the employee in favor of his work done for the organization.
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