What are some of the steps or strategies

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Reference no: EM132253503

Organizations have many factors to consider when determining the compensation budget, the most important being how much money they are willing or able to spend. Once the organization determines the amount of money available, there are additional considerations. Do they reward performance or pay for seniority? Do they use long- or short-term incentives, or both? Do they increase their employees' base pay (which creates higher long-term costs) or pay bonuses or improve benefits? Do they spend money training existing employees, or hire more employees? Do they invest in human capital or in technical or capital improvements (Milkovich & Newman, 1999, p. 574)? The answers to these questions are determined by the business strategy, which drives the reward system decisions.

What are some of the steps or strategies that you would consider before hiring contingent workers?

Reference no: EM132253503

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