As a compensation consultant what is the best advice you can give to a small business owner wanting to develop the optimal reward strategy?
A) The various combinations of intrinsic and extrinsic rewards need to be considered.
B) The optimal strategy is the cheapest one.
C) Most companies adopt a total rewards approach to compensation.
D) The plan for creating the compensation system is the most important aspect of the strategy.

Question

Quizplus · Accepted Answer

As a compensation consultant, the best advice for developing an optimal reward strategy is to consider the various combinations of intrinsic and extrinsic rewards. This includes both tangible rewards such as salary and benefits, as well as intangible rewards such as recognition and challenging work. By considering all aspects of rewards, a comprehensive and effective strategy can be developed.

As a Compensation Consultant What Is the Best Advice You