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Prepare a 100 words discussion on attached chapter.

Chapter - THE PAY MODEL

Overview

This chapter starts with a discussion on the role of poorly-designed compensation plans in the current economic situation. It provides an overview of the key components of a compensation system.

The definition of compensation is initially explored from the perspectives of the society, stockholders, the organization, and the external environment.

Next, the various forms of pay are identified and defined. The major focus is presenting a pay model that provides a structure for understanding compensation systems.

The three main components of the model:

(1) Compensation objectives, including the importance given to ethics;

(2) Policy decisions that guide the way objectives will be achieved; and

(3) Techniques that make up the pay system.

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