Now that you have an understanding of setting up and sustaining compensation in a business, answer the following questions:

a. What is the pay philosophy of your company and why is this important to have in place?

b. Pick a position of interest to you and state the pay for the job with the company you picked and the pay for the same position at another company.

c. Why are there different salary and pay levels and what are all the elements that determine this?

d. What are the pay for performance components that have to be considered?

e. How are raises determined at your chosen company, and what research will help you determine the appropriate raise for employees?