Employee Compensation Guide: What Surprised You the Most?

I got this material from the web and found it informative. Just thought to share it with you all.

Can anybody help me out to find out how compensation management helps to retain employees in the organization and also improve their performance?

Compensation

In order to remain competitive, you need qualified and motivated staff members to effectively run your business. Although advances in medical and computer technologies have required a more educated workforce, the renewed focus on service quality and delivery has demanded superior skills, attitudes, and abilities. Additionally, the low unemployment rate and tight labor market have created additional challenges in attracting, retaining, and motivating these qualified individuals.

Components of Compensation

Compensation plays an effective role in retaining employees as it mainly consists of two parts:
1. Monetary compensation
2. Non-monetary compensation

To retain skilled talent, you can increase their salary, offer incentives, provide additional leave, and offer other benefits, etc.

Non-monetary compensation involves providing interesting work assignments and sometimes tickets to popular destinations, etc.

This approach increases the performance of an individual. If an employee is motivated and feels connected to his/her company, it enhances performance.

To motivate employees, compensation is crucial. In India, people generally prioritize money or salary first.

Hi,

NST is a payroll management software developed in Excel that has the following features:

1. HR Master Creation Module
2. Adjustment Module
3. Calculation
4. Month End Module
5. Reports (Salary, PF, ESI, TDS, Payslip)
6. Generate New Designation, Department, Location, Bank Master

Thanks