Question: 5.1 Distinguish between the two compensation philosophies: 1) Productivity Philosophy, and, 2) Purchasing Power Philosophy. 5.2 Explain the factors taken into consideration in determining compensation

5.1 Distinguish between the two compensation philosophies: 1) Productivity Philosophy, and, 2) Purchasing Power Philosophy. 5.2 Explain the factors taken into consideration in determining compensation philosophies. 5.3 Discuss various issues relating to compensation system design. 5.4 Compare and contrast Traditional Approach from Total Reward Approach of Compensation. 5.5 Discuss the 3Ps Approach of Developing a Compensation Policy such as: 1) Paying for Position, 2) Paying for Performance; and, 3) Paying for Person.

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