This new book is a thoroughly modern approach to compensation that addresses the strategic uses and applications of compensation by organizations. This major new entry addresses traditional aspects of compensation--job analysis, salary surveys, pay structure, and so on. Then it moves beyond these issues to address knowledge-based pay, variable pay, compensation for contingent workers, executive compensation. International aspects are highlighted. A Human Resource Management Approach reflects the importance of employees as a key element of strategic compensation programs. In exploring the art of compensation and its role in promoting companies' competitive advantages, the authors develop a solid understanding of compensation practices, the context of compensation practice, the criteria used to compensate employees, compensation system design issues, employee benefits, and contemporary challenges that compensation professionals will face well into the 21st century.