What elements constitute extrinsic compensation
Course:- HR Management
Reference No.:- EM131135009

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Draft a response to each of the bulleted questions below. Each question must have its own response and have a minimum of 75 words.

1. Describe your reaction to the following statement:

a. Compensation has no bearing on a company's performance.

2. What are the elements of job satisfaction (Intrinsic Compensation) described by Martocchio (2015)?

3. What elements constitute extrinsic compensation? While extrinsic compensation is important, does it provide job satisfaction?

4. Pay and benefits is only part of the equation in running a good operation. Management and the work environment make a difference. What other factors create employee job satisfaction and motivates employees to perform?

5. How does a company go about determining what constitutes competitive wage and benefits?

6. How can job evaluation and job descriptions aid business in determining salary ranges and setting starting salaries?

7. Can companies easily develop compensations that are both internally consistent and market competitive? What are some of the challenges to this goal?

8. Distinguish policies on external competitiveness from policies on internal alignment. Why is external competitiveness so important?

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