Compensation Philosophy of Maersk
A compensation policy is a statement of a company’s stand when it comes to employees’ compensation. It explains why employees are given a certain amount of pay or any other form of compensation. These statements are normally developed by the human resources department with assistance from the executive team. When the statement is well-designed it will support the company’s strategic plan, goals, and competitive outlook, and compensation and reward strategies.
A.P.Moller-Maersk Group attract, motivate, and retain their employees by offering total reward packages. These packages provide the employee with a mix of base pay, employee incentives, and benefits. Maersk compensation philosophy include; competitive and attractive total reward packages. These packages support the business objectives and recruiting efforts. Effective rewards are also offered to retain new talent and high performing employees. Using these strategies will ensure Maersk’s objective are achieved throughout the years of business.
Determine the value of salary surveys to an organization.
Salary surveys
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Salary surveys are conducted routinely to determine the current benefits and rates for employees. They help determine high, low, and average salaries for specified positions but also help provide the figures obtained from other organizations. A startup business can benefit from a salary survey by helping them understand their strengths and potential exposures. They will be able to identify lower end salaries and offer a plan to correct. When an employee refers to the compensation survey data, this can help communicate difficult decisions with