1.Describe what compensation is and give at least three examples of core compensation practices and at least three examples of employee benefits practices. 2.Summarize at least two historical events in the evolution of compensation practice leading to the current strategic compensation era. 3.Discuss at least two differences between strategic and tactical compensation.
4.Name and summarize the goals of compensation professionals. 5.Identify the stakeholders of the compensation and summarize their stake in the work compensation professionals perform.
Describe what compensation is and give at least three examples of core compensation practices and at least three examples of employee benefits practices. •Compensation represents the rewards employees receive for performing their job. They are either: –Intrinsic: intrinsic compensation represents employees’ critical psychological states that result from performing their jobs. –Extrinsic: extrinsic compensation includes both monetary and nonmonetary rewards.