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Assignment #5 Chapter 9: Compensation and Benefits The purpose of this chapter is to cover the basic concepts of compensation and benefits. The chapter starts by examining how compensation strategies are developed and then turns to the administration of compensation programs and how organizations evaluate their compensation programs. The reasons for benefit plans are discussed along with the different types of benefit plans typically found in organizations. Executive compensation is also discussed, and the chapter concludes with a discussion of legal issues associated with compensation and benefit programs. Deliverable: Write responses to questions in a single paragraph format and include references for each answer. Several questions for students to consider regarding the information in the Unique Compensation at Wegmans case. 1. Why does Wegmans approach to compensation seem to work so well? 2. In your opinion, why don't other grocery chains use the same compensation model as Wegmans? Nucor is a steel company that has not laid off employees. Policies were established in the 1960s under the theory that workers would be more productive if an employer went out of its way to share authority with them, respect what they accomplished, and compensate them as handsomely as possible. If a shirt can turn out a defect-free batch of steel, every worker is entitled to a bonus, and can potentially triple their take-home pay. If a batch has defects and it reaches the customer, workers may lose up to three times what they would have received as a bonus. Everyone has incentive pay. This system works because employees share financial risks and benefits and are therefore a lot like owners. 1. Would you want to work under a compensation system like Nucor's? Why or why not? 2. Why don't more firms use approaches to compensation along the lines of Nucor's model