Strategy formulation is the first phase in the strategic management process. It is concerned with devising a suitable plan of action after studying the external business environment, analysing the industry and assessing the internal capabilities of the business concern.

Extrinsic rewards are usually financial or tangible rewards given to employees, such as pay raises, bonuses, and benefits. They are extrinsic because they are external to completing the work itself and are controlled by people other than the employee.

Date Yoder, “Job Evaluation is a practice which seeks to provide a degree objectivity in measuring the organization value of jobs within organization and among similar organizations. It is essentially a job rating process, not like the ratings of employees.”