Explain the need and rationale for a compensation philosophy. Management homework help

Compensation is one of the fundamental responsibilities of an HR department, with the ability to offer a compensation package that attracts and retains employees serving as a key to obtain the talent to pursue dramatic organizational goals.

In a well-written paper, address the following aspects related to an organization’s compensation program:

• Explain the need and rationale for a compensation philosophy.
• Propose a compensation philosophy that may be applicable and utilized for a Fortune 500 company.
• Finally, discuss the principal types of monetary, or core, compensation and when it may be most applicable to use one type of compensation over another.

Your paper should meet the following requirements:

• Be 3-4 pages in length
• Include at least two scholarly sources that support your position as stated in this assignment
• **APA FORMAT