The social, competitive, and regulatory environment factors are most important for strategic compensation
What is Strategic compensation?
- In order to fulfill the three major objectives of strategic compensation systems—to recruit, retain, and inspire employees—a balanced combination of various kinds of payment must be used.
- A strategic compensation system, according to Wood Jr. and Picarelli Filho (2004), is a well-balanced mixture of several types of pay.
- This concept is supported by Hanashiro, Teixeira, and Zaccarelli (2008), who claim that strategic remuneration entails businesses using the many forms of accessible compensation to reward employees for their performance.
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