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Compensation Management

Compensation Management

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Published by Katoch007

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Published by: Katoch007 on Dec 17, 2009
Copyright:Attribution Non-commercial

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12/17/2009

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Compensation Management
Payroll involves large sums of money
Pays systems are therefore an intergralpart of the business strategy
The pay debate as to whether the bestway of rewarding service is through pay isfar from settled.
 
 
Objectives of compensationsystem
A large sum of money is invested inpeople
Design rests on what must the companyachieve.
System therefore needs to attract goodemployees by structuring packages thattempt people to do the job
 
 
Achievement of the objectives aredetermined by :
Labour markets forces
Collective bargaining
Government legislation
Top managements philosophy regardingpay
Top managements willingness torecognise ability and effort

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