One of the first steps in developing a compensation plan is
A)to determine your organization's salary philosophy.
B)to develop a job description.
C)to create job analysis.
D)to pay an above-market salary to create loyalty.

Question

Quizplus · Accepted Answer

Determining an organization's salary philosophy is crucial in developing a compensation plan as it sets the framework for how employees will be paid and what factors will be considered in determining their pay. This philosophy should align with the company's overall mission, values, and goals.

One of the First Steps in Developing a Compensation Plan