External Competitiveness & Internal Equity in an Effective Compensation Program

External Competitiveness & Internal Equity in an Effective Compensation ProgramThe
ability to create a successful market-based compensation program is
contingent on a number of key variables. Yet none is more important
than gaining a clear understanding of what it takes to have a
compensation program that is externally competitive, while at the same
time internally equitable.In this assignment:Discuss what is meant by a market-based compensation program.Explain
how an organization can balance external competitiveness with internal
equity to achieve a successful market-based compensation program. Be
specific.Illustrate with actual examples of
employers achieving this balance. Also, provide examples of
organizations failing to achieve one or both and illustrate what might
result. Bring in at least 5 library sources to help strengthen and support your discussion. Paper length:4-5 pages, not counting the cover and reference pages.

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