Describe Four Different Types of Benefits as a Major Component

question 51

Essay

Describe four different types of benefits as a major component of a compensation package.

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Definitions:

Societal Responsibility

The obligation of businesses to act in ways that benefit society at large, including ethical practices, sustainability, and community engagement.

Stakeholder Responsibility

Involves the obligations and duties that an organization has towards its stakeholders, including customers, employees, investors, and the wider community, to act ethically and contribute to well-being.

Profit Responsibility

The obligation or duty of a company to maximize profits for its shareholders or owners, while maintaining ethical practices.

Mass Marketing

A marketing strategy that aims to reach a wide audience through broad communication channels and generic messages.