Compensation Management [Thread 300946]

hello seniors can you please tell me what are objectives of compensation management.....

Please clarify which type of compensation you are interested to know.
1. Workmen compensation - Workmen compensation Act
2. Pay package compensation - Your company's rules
With warm regards
S. Bhaskar
9099024667

Dear krshm5243,
The main objective of compensation management is to provide fair wage or salary to the employees according to their qualification,exp and other qualities.The word compensation management have several factors like fixation of salary,pay band,processing of salary and deciding other benifits .

Respected,
We can also call it as a remuneration for the workers/employees for their service to the org.
Every one knows that " A WELL SATISFIED EMPLOYEE IS AN ASSET FOR THE ORGANISATION "
so we should protect our employees with reasonble compansation.
OBJECTIVES :
To retain the talent.
To attract the talents from external environment.
To satisfy employees basical needs and wants.
To run the business transactions smoothlly with out any disputes/obstacles from employees.....
THANK YOU.....

what are the advantages of the Compensation management in an organization? what are the tools involved for making compensation to an employee?