Explain various approaches in designing compensation. Chalk out various alternative system of compensation.

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Compensation refers to the total amount of financial and non-financial rewards given to employees in exchange for their work. It is a critical aspect of human resource management as it helps to attract, retain and motivate employees. There are several approaches to designing compensation, each with its advantages and disadvantages. Here are some of the most popular approaches:

1. Job-based compensation – This approach is based on the job's value or worth to the organization. The job's value is determined through job analysis, which involves identifying the job's tasks, responsibilities, and required skills and knowledge. The compensation is then set based on the job's value, with higher-paying jobs requiring more skills ____ __________ ____ _______ _____________ __ _____________ _________ ____________ _____________ __ _________.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master in Business Administration
Course Code : MBA
Subject Name : Integrated Marketing Communication
Subject Code : MMPM 7
Year : 2023