Explain each question with as much detail as possible Explain why it is important for pay to be fair internally and what are the consequences if it is not Demonstrate the importance of pay fairness externally and what the impact would be if it is not Compare and contrast gain sharing and profit sharing plans Provide examples for each plan Explain the differences between variable pay and merit pay programs Include examples of each

Question: Explain each question with as much detail as possible. Explain why it is important for pay to be fair internally and what are the

Explain each question with as much detail as possible.

Explain why it is important for pay to be fair internally and what are the consequences if it is not.
Demonstrate the importance of pay fairness externally and what the impact would be if it is not.
Compare and contrast gain sharing and profit sharing plans. Provide examples for each plan.
Explain the differences between variable pay and merit pay programs. Include examples of each

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1 Internal Fairness in Pay Fair pay internally within an organization is essential for maintaining employee morale motivation and productivity When pay is perceived as fair within the company employee... View full answer

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