The Development and Administration of a Company's Compensation System Is

question 89

Essay

The development and administration of a company's compensation system is primarily the responsibility of the HRM department. Explain.

---

Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, often aimed at protecting consumers.

Shortage

A situation where the demand for a product or service exceeds the supply available at a given price.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.

Government Imposes

Refers to regulations, taxes, or policies that a government enforces or puts into effect in order to manage the country's affairs.