Consider the various components in a compensation philosophy.

• Identify at least one practice within a compensation philosophy.
• Discuss the benefits of the selected practice as well as possible limitations or drawbacks that can occur if not aligned with an organization's business strategy.
• Discuss pros and cons of pay transparency.
• Discuss why you would select either a base pay compensation system or a variable pay compensation system, and why your selection would work best for an organization.
• Share your experiences in your narrative