In a 3 to 5 page paper, outline the present compensation philosophy for your organization. Assess this present philosophy and propose ways to improve or revamp the present compensation philosophy to meet up the changing requirements of the organization and its employees. Recognize key factors in the internal and external environment comprising the mission and strategic focus of the organization, and also the financial and cultural aspects of your organization (that is, you can't have a compensation philosophy where you 'lead' the market if your organization doesn't encompass the financial resources) which must affect this philosophy. The proposed philosophy itself must be no more than a short paragraph. The remaining part of your paper must be devoted to supporting your choice of that philosophy in your selected organization by recognizing the key factors which must contribute to its development.