HRMN395_Week2_Discussion3

What elements (i.e., factors or criteria) should be considered when setting compensation? Some examples can be found 5 essential factors for determining compensation and Factors Affecting Employee Compensation. In your opinion, what are three top elements to consider when setting compensation and why?

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When determining compensation, there are many factors that should be considered. These include experience and education level, industry, location, skill sets, and supply and demand (Tarpey, n.d.). Employee classification and wages are one of the top elements of compensation. Under the Fair Labor Standards Act, hourly wages are entitled to overtime. Many employees would like to know their compensation plan before accepting a job. Next, compensation is health insurance, this could be individual or family with, either way, if the employer pays a much higher

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