Identify three components of an effective compensation plan. Provide a rationale for why you selected each component.Identify the most beneficial approaches to internal compensation and market-consistent compensation systems. Provide a detailed explanation for each approach.Identify two methods that companies typically use to assess employee satisfaction related to their pay structures. Provide a detailed explanation for why a company would select each method.Provide a detailed explanation of how companies typically determine whether their employer-sponsored retirement plans and health insurance programs are competitive.Recommend two discretionary benefits that employees highly value. Include your rationale for recommending these two benefits over other available options.