What is not an equitable remedy?

What is not an equitable remedy?

Legal remedies allow the non-breaching party to recover monetary damages. In contrast, equitable remedies are non-monetary solutions to resolve the disputed issue. In addition to these two remedies, a court may also order a declaratory judgment.

Is restitution a legal or equitable remedy?

Generally, restitution and Equitable tracing is an equitable remedy when the money or property wrongfully in the possession of defendant is traceable (i.e., can be tied to “particular funds or property”). In such a case, restitution comes in the form of a constructive trust or equitable lien.

What is the difference between equitable and equal?

Equal/equally means exactly the same whereas equitable/equitably means fairly. For example, if you have two groups and both receive 50% of a resource that can be considered to be equal division of the resource, but may not be equitable. Say one group has 70 people and the other has 30 people.

What is the difference between fair and equitable?

Fair treatment means people receive non-discriminatory attitudes regardless of their personal conditions. Equitable treatment means people receive the same opportunity to reach a specific objective while specific considerations are in place.

What does fair and equitable mean?

Something that is equitable is fair and reasonable in a way that gives equal treatment to everyone. We have an unsurpassed opportunity to transform the United States into a more prosperous, sustainable and equitable country. healthcare which is free at the point of use, fair and equitable to all.

Does fair always mean equal?

Fair means that everyone gets what they need or deserve while equal means that everyone gets the same regardless of need.

What are the advantages of a fair compensation system?

The fair compensation system will help in the following: 1. If an ideal compensation system is designed, it will have positive impact on the efficiency and results produced by workmen. 2. Such system will encourage the normal worker to perform better and achieve the standards fixed.

What is the ideal compensation system?

In other words, an ideal compensation system in a team‐based environment considers team performance and/or team‐like behaviors. When this occurs, the compensation system becomes a valuable tool in communicating the importance of teams and motivating the appropriate team behaviors and results.

What are the keys to have an effective compensation strategy?

7 Keys To An Effective Compensation Strategy

• Budget Allocation. The strategy should include the organization’s approach to allocating compensation dollars into salary and benefits.
• Develop Salary Ranges.
• Salary Audits.
• Benefit Package.
• Performance Management System.
• Legal Compliance.
• Structured Administration.

What are compensation strategies?

A compensation strategy lays out your organization’s point of view on how you will determine pay and benefits for employees. It aligns all of your compensation resources to your business goals, helps you decide where you want to compete, how competitive you need to be and what you choose to reward.

What are the components of an effective compensation plan?

Components of employee compensation

• Salary and wages. In a compensation package, these typically make up the single largest component.
• Bonuses.
• Federal/state pay requirements.
• Long-term incentives.
• Health insurance.
• Life and/or disability insurance.
• Retirement plan.
• Time off.

How do you establish a compensation system?

How to develop and implement a compensation plan

1. Create an outline.
2. Appoint a compensation manager.
3. Create a compensation philosophy.
4. Rank jobs and place them within a matrix.
5. Develop grades for seniority within each job classification.
6. Settle on salaries and hourly rates of pay.
7. Complete necessary policies.

What is a compensation package example?

Salary, plus any bonuses or commissions. Paid holiday, vacation and sick days. Medical, dental and vision insurance. 401(k) or another retirement savings plan.

How do you calculate compensation?

5 essential factors for determining compensation

1. Years of experience and education level.
2. Industry.
3. Location.
4. In-demand skill sets.
5. Supply and demand.
6. The cost of not offering competitive pay.
7. What happens if you can’t pay market value?
8. Take the guesswork out of determining compensation.

What are the 6 steps in creating a compensation plan?

How to Create a Compensation Plan:

• Start from scratch.
• Create a job description for each position.
• Determine the appropriate amount of compensation.
• Factor in overtime.
• Identify the benefits and incentives that you will provide.
• Detail your decisions in a document.