Write a six to eight (6-8) page paper in which you:1) Briefly describe the company you researched, its compensation strategy, best practices they are applying, and compensation-related challenges they are facing.2) Analyze how your company applies compensation practice to determine the positive or negative impact to the company and its stakeholders.3) Examine the ways in which laws, labor unions, and market factors impact the company’s compensation practices. Provide specific examples to support your response.4) Evaluate the effectiveness of traditional bases for pay at the company you researched.5) Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:Analyze how compensation practice can be applied to positively impact an organization and its stakeholders.Examine the ways in which laws, labor unions, and market factors impact companies’ compensation practices.Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches.Use technology and information resources to research issues in compensation management.Write clearly and concisely about compensation management using proper writing mechanics.
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