Am a MBA student doing my project on compensation management...can any one plzzzz help me out with the primary and secondary objectives.
From India, Madras
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From India, Madras
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Human resources are the most vital resource for any organization. They are responsible for every decision made, every task completed, and every outcome achieved. Employees should be managed effectively and motivated by providing competitive remuneration and compensation in line with industry standards. Offering attractive compensation also helps in attracting and retaining top talent.
Compensation is the reward received by an employee for their contribution to the organization. It is a structured practice that aims to balance the employer-employee relationship by providing both monetary and non-monetary benefits. Compensation plays a crucial role in human resource management as it motivates employees and enhances organizational effectiveness.
Components of a Compensation System
Compensation systems are developed with strategic goals and business objectives in mind. They are designed based on factors such as job analysis, pay structures, and salary surveys.
Types of Compensation
Compensation for employees can be direct, in the form of monetary benefits, or indirect, in the form of non-monetary benefits like perks and time off. It encompasses all rewards and allowances given to employees for their services. Effective management of compensation contributes to higher organizational productivity.
Importance of Compensation
A robust compensation package is essential for motivating employees and increasing organizational productivity. Compensation is crucial for attracting and retaining talent, running an organization effectively, and achieving its goals. It addresses not only salary but also employees' psychological and self-fulfillment needs.
A fair compensation system has a positive impact on employee efficiency and results, encourages better performance, and facilitates job evaluation. It should be well-defined, uniform, simple, flexible, and compliant with labor laws. Such a system boosts morale, efficiency, cooperation, and satisfaction among workers, resolves disputes, and promotes equal pay principles.
A sound compensation and reward system fosters healthy competition, encourages hard work, provides growth opportunities, reduces labor turnover, retains top talent, supports organizational expansion, and contributes to overall success and prosperity.
From India, Hyderabad
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Compensation is the reward received by an employee for their contribution to the organization. It is a structured practice that aims to balance the employer-employee relationship by providing both monetary and non-monetary benefits. Compensation plays a crucial role in human resource management as it motivates employees and enhances organizational effectiveness.
Components of a Compensation System
Compensation systems are developed with strategic goals and business objectives in mind. They are designed based on factors such as job analysis, pay structures, and salary surveys.
Types of Compensation
Compensation for employees can be direct, in the form of monetary benefits, or indirect, in the form of non-monetary benefits like perks and time off. It encompasses all rewards and allowances given to employees for their services. Effective management of compensation contributes to higher organizational productivity.
Importance of Compensation
A robust compensation package is essential for motivating employees and increasing organizational productivity. Compensation is crucial for attracting and retaining talent, running an organization effectively, and achieving its goals. It addresses not only salary but also employees' psychological and self-fulfillment needs.
A fair compensation system has a positive impact on employee efficiency and results, encourages better performance, and facilitates job evaluation. It should be well-defined, uniform, simple, flexible, and compliant with labor laws. Such a system boosts morale, efficiency, cooperation, and satisfaction among workers, resolves disputes, and promotes equal pay principles.
A sound compensation and reward system fosters healthy competition, encourages hard work, provides growth opportunities, reduces labor turnover, retains top talent, supports organizational expansion, and contributes to overall success and prosperity.
From India, Hyderabad
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Basics of Compensation Management.pdf
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