Compensation management
- 3. INTRODUCTION Compensation is a systematic approach to providing monetary & non monetary value to employees in exchange for work performed. Compensation may be defined as money received in performance of work and many kinds of benefits that an organization provides to their employees.
- 4. OBJECTIVES To recruit & retain qualified employees. To increase or maintain morale. To determine basic wage & salary. To reward for job performance.
- 5. COMPENSATION COMPONENT compensation monetary Non monetary direct indirect
- 6. COMPONENT Direct compensation Base Pay Bonus Long term incentives Perks or perquisites
- 7. CONT… Indirect compensation Insurance (health, eye). Leaves (sick, holiday/personal) Clothes Company parties Phones/laptop Retirement programs
- 8. NON MONETARY Enhance dignity & satisfaction from work performed. Promote social relationship with co- workers. Allocate sufficient resources to perform work assingments. Offer supportive leadership & management. Enhance physiological health, intellectual growth.
- 9. IMPORTANCE Job description Job analysis Job evaluation Pay structure Salary surveys
- 10. FACTOR AFFECTTING External Internal Demand & Compensation supply of labour policy Cost of living The org. ability to Society pay Labour unions Job analysis & The economy description Employee
- 11. CONCLUSION We can say that good compensation can increase the productivity of an organization because its provides various rewards, bonus, schemes etc. and its compulsary for every organization.
- 13. ? PLEASE