you are to present to management a revised compensation and benefit strategy. Your proposal should include the following:

• Describe at least three factors of an effective compensation and benefit system to contribute to organizational effectiveness.
• Explain the five principle components of your revised compensation and benefit system for a large-scale organization. Your compensation and benefit system should include the following components:
  • compensation and benefit philosophy
  • pay structure architecture (pay grades, pay ranges, and pay width)
  • ratio of base pay to incentive (bonus) pay
  • emphases on external equity or internal equity
  • principle type of benefits to include (examples: deferred compensation match, health insurance, vacation and sick leave, etc.)
• Develop a recommendation for each principle component for top management.
• Discuss a final summary and conclusion to increase the compensation and benefit expenses to be presented to top management.