An important component of compensation strategy is the organizations compensation philosophy. Define what is meant by a compensation philosophy and discuss the principle components and limitations of a compensation philosophy, and answer the following two questions using the question and answer (QA) format. The QA format should include the original question along with your response. Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from the CSU Global online library or the internet, and provide the full citation at the end of your post. Use APA guidelines to format your references.

What are the major elements of an effective strategic compensation system?
How can strategic compensation contribute to an organizations goals and strategy? initial posting should be well-researched, contain at least 300 words

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