There Are Many Contextual Influences That Must Be Taken into Account

question 43

Essay

There are many contextual influences that must be taken into account when designing and implementing direct financial compensation plans,and one of them is interindustry wage or compensation differentials.Briefly,state the implications of these differentials for establishing competitive compensation programs.Then,explain the factors that contribute to the existence of interindustry wage differentials.

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Definitions:

Approach

A method or way of dealing with a problem or situation, emphasizing the strategic or tactical steps taken.

Avoid

The act of intentionally staying away from certain situations, behaviors, or stimuli to prevent undesirable outcomes.

Affect-As-Information

The theory that emotions can guide us in decision-making and judgments by providing quick, heuristic information about situations.

Affective Forecasting

The process of predicting one's future emotional states or reactions in specific situations.