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Briefly describe the five main steps in the formulation of compensation strategy.
Losses
Negative financial results from business operations, where expenses exceed revenues.
Contextual Information
Relevant background details or circumstances that help in understanding the full scope of a situation.
Behavioral Economists
Experts who study the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions.
Outcome
The result or effect of an action, situation, or economic activity.
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