CONCLUSION

1) Today the compensation systems have come from a long way. The results of the study indicate with the changing organizational patterns and employee needs, there is a need to bring changes in the compensation system. 2) The organizations need to provide competitive compensation to the employees taking into account higher education, qualification, experience and skills required for the job. 3) Further the study reveals that perfect compensation system with properly designed features like loyalty pay and Flexible Benefit Plan along with timely increments, and performance incentives provides platform for happy and satisfied workforce.

4) The workforce not only look for monetary benefits but also look forward to various aspects like work life balance facilities, better amenities and scope of advancement. 5) The business organization can think of expansion and growth if it has the support of skillful, talented and happy workforce. Therefore a fair compensation system is must for every business organizations.

A sound compensation system is a hallmark of organizations success and prosperity.