Compensation Management

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I don’t have to write an essay paper. I have to answer 5 questions in essay format (one to two paragraph answers). The questions are….
1. How do differing perspectives affect our views of compensation? Why Should you care about compensation?
2. What is your definition of compensation? Which meaning of compensation seems most appropriate from an employee’s view: return, reward, or entitlement? Why?
3. In Chapter 2, look at Exhibit 2.8. Discuss how those values might be reflected in a compensation system. Are these values consistent with "Let the market decide
4. Discuss the factors that influence internal pay structures. Based on your own experience, which ones do you think are most important? Why?
5. What is the ;just-wage doctrine? Can you think of any present-day applications?
Bonus – Economics (1-2 sentences per question): a. How will the demand for good X change if consumer incomes decrease? b. How will the demand for good Y change if consumer incomes increase? c. How will the demand for good X change if the price of good Y increases? d. Is good Y a lower-quality than good X? Explain.

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