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Research Article | Open Access
Volume 14 2022 | None
COMPENSATION MANAGEMENT
Dr. Y Jayaprada, Dr. Sushil Beliya
Pages: 2940-2944
Abstract
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. An ideal compensation management system will help you significantly boost the performance of your employees and create a more engaged workforce that’s willing to go the extra mile for your organization. Such a system should be well-defined and uniform and should apply to all levels of the organization as a general system. Plus you’ll enjoy clearer visibility into individual employee performance when it comes time to make critical compensation planning decisions. With effective compensation management you’ll also enjoy clearer visibility into individual employee performance when it comes time to make critical compensation planning decisions. These performance appraisals assist in determining compensation and benefits, but they are also instrumental in identifying ways to help individuals improve their current positions and prepare for future opportunities. Human Resource is the most vital resource for any organization. It is responsible for each and every decision taken, each and every work done and each and every result. Employees should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will also serve the need for attracting and retaining the best employees.
Keywords
Human resource, Compensation, Organization, Management, Compensation Policies.
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