Download - Compensation management
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COMPENSATION MANAGEMENTSubmitted by:Gurpreet Singh
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CONTENTS IntroductionObjectivesComponentsImportanceFactor affectingconclusion
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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.
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OBJECTIVES To recruit & retain
qualified employees.
To increase or maintain morale.
To determine basic wage & salary.
To reward for job performance.
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COMPENSATION COMPONENT
compensation
monetary
direct indirect
Non monetary
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COMPONENT
Base Pay
Bonus
Long term incentives
Perks or perquisites
Direct compensation
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CONT… Insurance (health,
eye). Leaves (sick,
holiday/personal) Clothes Company parties Phones/laptop Retirement
programs
Indirect compensation
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NON MONETARYEnhance 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.
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IMPORTANCEJob descriptionJob analysisJob evaluationPay structureSalary surveys
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FACTOR AFFECTTING
Demand & supply of labour
Cost of livingSocietyLabour unionsThe economy
Compensation policy
The org. ability to pay
Job analysis & description
Employee
External Internal
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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.
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