Respond to each of the following short essay questions. Responses should be between 100 - 500 words depending on the complexity of the question. Use correct grammar and spelling to address each question thoroughly. Do not use direct quotes. Instead, to align your ideas with the text, paraphrase and summarize.Explain the basic compensation objectives of pay systems.Compensation systems can be tailored to general business strategies. List and explain these strategies.State the theory of marginal productivity.How do employees judge the fairness of their pay?Describe the ways in which job information can be collected for job analysis.What should the manager do if employees and their supervisors do not agree on what is part of the job?What are the two aspects of diversity in work?What is the significance of marginal revenue?According to efficiency-wage theory, how do increased wages increase efficiency and lower labor costs?Explain the low-high approach in selecting jobs for inclusion in a compensation survey.

NOTE: We are allowed to do the first three sub-parts only. Strategic management is the process of…

Answered: Explain the basic compensation…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Respond to each of the following short essay questions. Responses should be between 100 - 500 words depending on the complexity of the question. Use correct grammar and spelling to address each question thoroughly. Do not use direct quotes. Instead, to align your ideas with the text, paraphrase and summarize.

Explain the basic compensation objectives of pay systems.
Compensation systems can be tailored to general business strategies. List and explain these strategies.
State the theory of marginal productivity.
How do employees judge the fairness of their pay?
Describe the ways in which job information can be collected for job analysis.
What should the manager do if employees and their supervisors do not agree on what is part of the job?
What are the two aspects of diversity in work?
What is the significance of marginal revenue?
According to efficiency-wage theory, how do increased wages increase efficiency and lower labor costs?
Explain the low-high approach in selecting jobs for inclusion in a compensation survey.

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