compesation mang
TRANSCRIPT
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PRESENTED BY:-
DIKSHIKA
SNHELATAVIRAL
JIGNESH
Vijay
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Compensation is the remuneration received by
anemployee in return for his/her contribution
to theorganization.
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Compensation management is an integral
part of human resourcemanagement which
helps inmotivating theemployees andimproving organizationaleffectiveness.
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A goodcompensationpackage is important to
motivate theemployees to increase the
organizationalproductivity.
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Theliteralmeaning of compensation is to
counter-balance.
In thecaseof human resourcemanagement,
compensation is referred to asmoney andother
benefits received by anemployee for providing
services to hisemployer .
"Compensation includes direct cash payments,
indirect payments in the form of employee
benefits and incentives to motivate
employees to strive for higher levels of
productivity
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1.Attracting and retaining personnel
2.Motivating personnelA. Rewards Punish People
B. Rewards Rupture Relationships
C. Rewards Ignore Reasons
D. Rewards Discourage risk TakingE. Rewards Undermine Interest
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3.Optimizing cost of compensation
4.Consistency incompensation
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FinancialFinancial
Direct
wages, salaries, commissions, bonuses
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Indirect
insuranceplans life, health, dental, disability
social assistance benefits
retirement plans, socialsecurity
paid absences vacations, holidays, sickleave
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NonNon--FinancialFinancial
The Job interesting, challenging, responsible
opportunity for recognition, advancement feeling of achievement
Job Environment
policies, supervision, co-workers, statussymbols,working conditions, flextime, compressed workweek, job sharing, telecommuting, flexiblebenefitsprograms
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It rise themoral,efficency and theco-opreation among theemployees.
Rewardsystem bringspeace in therelationship between theemployer andemployee.
It follow themanagement principleof equalpay.
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