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Discuss specific considerations in deciding the firms

Subject: Total Compensation (HR) - Formulating reward and compensation strategies

Please answer the following questions using 250-300 words for each question:

Discuss specific considerations in deciding the firm's different choices for compensation-level strategy (a lead, lag, or match compensation level) and how can it decide between them? Give examples.
Managers need to possess four key understandings in order to formulate an effective compensation strategy. Discuss how each understanding contributes to effective compensation strategy formulation.

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