Money as a Compensation Tool

Small Business Start Up
Name
Institution
Date
Majority of companies use the money to compensate their employees in terms of money. The company can choose to make the compensation program transparent or not. A transparent compensation policy means that everybody in the company will be aware of how much their workmates get paid (Trotter et al. 2017). This paper seeks to explain money has a compensation tool, what guidelines to use in a compensation program and the advantages and disadvantages of using money as a compensation tool.
My compensation philosophy uses money as the compensation tool given to employees to compensate for the time and service they give to the company. The money is given at different times of the month; that is at mid-month and also end-month. My compensation program is transparent and each employee is aware of their fellow employees are paid. This helps to clear any rumors, gossips, and speculation that any employee may have for another one. It also helps to rank the employees with the top ones being paid more and finally, it motivates employees ...