IRE367H1 Lecture 5: Formulating the Reward and Compensation Strategy

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Ire367 lecture 5: formulating the reward and compensation strategy. A compensation strategy must consider four constraints. From the relative levels of supply and demand for certain occupational groups. If there are more people than jobs available or skills are plentiful for positions available then demand for certain occupational groups for certain skills will decline financially because they have choice for who they want to fill the job. What sort of labor market employer is willing to appeal to? (e. g. , local, national) Caused by the nature of the product or service market in which the firm operates. Connected to labor markets - the level of demand for a good or service in product or service market is going to create a derived demand for labor. Indirect demand for labor created by the front end demand for the product or service generated by consumerists. Sets minimum standards for pay and other conditions of employment.

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