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You are analyzing your company's cost of operations. One area you have been assigned to study...

You are analyzing your company's cost of operations. One area you have been assigned to study is the total cost of labor with a focus on employee benefits. Prepare an analysis of the costs associated with the benefits offered to the employees as part of their total compensation package.

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Answer #1

Compensation describes the cash rewards paid to employees in exchange for the services they provide. It may include base salary, wages, incentives and/or commission. Total compensation includes cash rewards as well as any other company benefits.

Compensation strategy

Defining a compensation strategy is an important activity for all companies, including start-ups. The compensation strategy must be affordable, structured and reasonably competitive.

our compensation strategy must be structured to best meet your unique business circumstances. As a start up, you may not be able to compete with large companies on salary.

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