Would You Agree or Disagree with the Following Statement? "It's

question 342

Essay

Would you agree or disagree with the following statement? "It's a lot cheaper and easier to keep existing customers than to try to find new ones." Explain your answer.

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Definitions:

Skill-based Pay Plans

Compensation systems that determine employees' pay rates based on their skills, knowledge, or proficiency rather than job titles or positions.

Pay-for-skills

A compensation strategy where employees are paid based on the variety and depth of skills they bring to their role, rather than their job title alone.

Pay-for Knowledge

A compensation strategy that rewards employees for acquiring and applying knowledge and skills pertinent to their job.

Gain-sharing

A compensation strategy that shares financial gains from improved performance or productivity with employees.