Performance management and compensation

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Performance management and compensation

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Performance management and compensation

  1. 1. Performance management and compensationCompensation planning is taking new shape with the revolutionary changes in economiccondition. Smart companies have realized that retention and successful recruitmenthighly depend upon the pay structure and better understanding of the working group. Abetter planned compensation program results in high morale, which leads to betterperformance, while generating more engaged workgroup.Good Compensation management program makes sure that compensation given isdirectly linked to delivered performance. This can be done by providing reward to the topperformers as well as enhancing the workforce productivity without any budget overrun.Through proper compensation planning the compensation managers can implement andmodel one of its kind compensation programs to reward the top performers whilst drivingthe performance of the company. Hence, it is very important and crucial for a company.A standard compensation management system is an automated, powerful product toadminister and build flexible compensation plans. Being a self service web based system;it can be implemented with iota of training. Nowadays World Wide Web has made itglobally deployable and hence increasing the workforce productivity around theglobalized world.Benefits through good compensation planning-o It reduces administration by saving your money, time and resources throughreplacement of manual processes, streamlining of compensation planning whilst relievingHuman Resource department from administration of every days.o A compensation management system containing good compensation plan enhances theperformance of the employee by delivering world-class technology to make a plan whichdirectly knot the performance of the employee to the corporate goals.o Retention is improved through rewarding top performers with long term and short termincentives which is based on complex or discretionary, compensation plans based onpolicies.Different ideas for Compensation planning are available online and hence out of variedoptions it becomes difficult, which one to choose. One of the best known is Plateaucompensation that has all the essential features, including multiple currency support,flexibility etc. You must visit plateau.com to know more about its product oncompensation management. The compensation resource centre of Plateau is wellequipped with the right compensation strategy for your business. Here you can alsoaccess the most recent information on compensation comprising press articles,whitepapers, datasheets, upcoming events and case studies too. For more information
  2. 2. visit plateau.com, the best platform for all your needs related to compensation and muchmore.http://performanceappraisalebooks.info/ : Over 200 ebooks, templates, forms forperformance appraisal.

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