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Compensation Management

Compensation Management

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Published by: api-3721037 on Oct 14, 2008
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03/18/2014

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COMPENSATION MANAGEMENT

Compensation Management is an integral part of the management of the
organization. Compensation Management contributes to the overall success
of the organization in several ways. To be effective, the managers must
appreciate the value of competitive pay, their human resources, and have an
investment view of payroll costs. It is of prime importance for an
organization to maintain pay levels that attract and retain quality employees
while recognizing the need to manage payroll costs .

ABOUT COMPENSATION MANAGEMENT

The compensation management policy and the reward system of an
organization are viewed by the employees as indicators of the management
attitude and concern for them. A good compensation management system
should be able to attract and retain employee , give them a fair deal ,keep the
organization competitive and motivate employees to perform their best.

SCOPE OF COMPENSATION MANAGEMENT

IN todays world organizations tries more to asses the worth of an individual
in terms of his performance and contribution to the organizations. With the
growing demand of workforce and constant challenges in the business
environment, organizations have to evolve and accurate system for
evaluating jobs and assessing their worth. Compensation management helps
to determine the relative worth of a job in an organization in a systematic,
consistent and accurate manner. It also helps in estimating the basic pay for
each job in accordance with the importance of the job in the organizational
hierarchy .once a basic pay is determined , the rewards , incentives and
benefits attached worth the pay, positions and performance are also
determined . The basic wage, incentives and rewards and benefits, together
form the compensation package of an employee

A
generalized
compensation
package across
the industries.

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