The existence of a relationship between the dierent components of compensation, job satisfac-
tion, and work motivation, is not generally called into question. However, the nature and the
measurement of this relationship gives rise to numerous dierences of opinion. In France, these
dierences have mainly been between human resource management researchers and practitioners
as the latter have generally established their company compensation policy on the hypothesis that
¯exible pay corresponds not only to the needs of organizations but also to the expectations of
employees, particularly the managerial sta. Opinion polls and organizational surveys seem to
support the practitioners' point of view. But what does ¯exible pay mean in the framework of