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TOTAL COMPENSATION (Flexible Wage System (Principles (Wage should reflect…

- - - - Encourage productivity
      - Attract talent
      - Retain company’s competitive costs
    - - Hard to retain talented employees when company is in lean times
- - - - Direct financial compensation comprises of the pay an employee receives in the form of wages, salaries, commissions and bonuses.
  - - - Employee benefits are generally membership-based and they are offered to attract and retain employees.
    - - The rewards that an employee receives based on his or her performance level.
- - - - simplifies the budgeting processes
      - Pay system is consistent
    - - Excessive pay
      - Employees does not feel motivated