How does fair/fairness play a role in compensation strategy and in society in general?

Expert Solution

Compensation is a crucial factor in organisational strategy. Employees tend to compare their efforts and reward and compensation with other who are in similar work situations.

Any compensation plan, tends to fairness while paying for someone’s performance. Being fair implies that the compensation amount is decided in an objective and impartial manner based on one’s merit. This compensation amount is usually determined by a thorough analysis of performance results and is comparable to others doing the same kind of work in similar situations.

A fair compensation by a company can be a useful tool in recruiting and resting talent, increasing employee morale as well.

Society is based on the idea of fairness as well as equality. A fair society is more likely to become prosperous and have harmony among its citizens. In addition, such society also helps in bringing a positive outcome in public values such as productivity, being connected to community, liveability, having confidence. However, achieving a fair and just society is difficult in practice due to various complex factors associated with legislation and aspirational values

Hayet Jeridi answered 1 year ago

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