After determining an organization's compensation philosophy,the next step in developing a compensation plan is to:
A) develop a job description.
B) find comparison factors for salary.
C) provide stock options or stock grants to employees.
D) offer employer-sponsored health insurance.

Question

Quizplus · Accepted Answer

Once the compensation philosophy is determined, the next step is to find comparison factors for salary. This involves researching the market rates for similar roles in the industry and geographic area, identifying the range of salaries for each job, and determining the organization's position in comparison to competitors. This information can then be used to develop a comprehensive compensation plan. Options C and D may be components of the overall compensation package but are not the next step in the process. A job description is important for developing job titles and descriptions, but it is not the next step after determining a compensation philosophy.

After Determining an Organization's Compensation Philosophy,the Next Step in Developing