Compensation and benefits defining compensation, compensation philosophy, and critical components of a compensation strategy

Your assignment is to write a short paper (500–750 words) defining compensation, compensation philosophy, and critical components of a compensation strategy. Provide one solid example of an effective compensation practice/policy. Your paper will be graded on the following:

• definition of compensation;
• overview of compensation philosophy;
• critical components of a compensation strategy; and
• example of an effective compensation practice/policy.