To complete this assignment, write a 4-6-page paper in which you address the following items: 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. Cite three quality resources using in-text citations and a reference page in your assignment. Note: Wikipedia and similar websites do not qualify as quality resources. The previous week's assignment preparation activity provides some suggested resources to help you begin your research. It also provides resources on avoiding plagiarism, appropriately integrating sources into your assignment, and using the Strayer Writing Standards. Format your assignment according to the following formatting requirements: This course requires the use of Strayer Writing Standards (SWS). The library