I think that when it comes time to create or revise a compensation plan, it is a good idea to know who your competition is. This not only pertains to business competition (such as selling a similar product), but you also need to consider the types of employees that are being drawn to various companies or industries. Lets take for instance, Apple as they are looking to hire employees for their workforce. Of course, they will need to be aware of and understand the potential pay structures for some of their direct competitors in the mobile technology and computer industry. Firms like HP, Dell and Samsung. These are just a few examples of direct competitors the sell similar products and services that Apple does. Knowledge of what their pay structures are for jobs such as engineers, software developers and salespeople would be beneficial to Apple so that they can keep their compensation packages competitive and still attract the best talent possible.
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