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Compensation management

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Compensation management

  1. 1. COMPENSATIONMANAGEMENTSubmitted by:Gurpreet Singh
  2. 2. CONTENTSIntroductionObjectivesComponentsImportanceFactor affectingconclusion
  3. 3. 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.
  4. 4. OBJECTIVES To recruit & retain qualified employees. To increase or maintain morale. To determine basic wage & salary. To reward for job performance.
  5. 5. COMPENSATION COMPONENT compensation monetary Non monetary direct indirect
  6. 6. COMPONENT Direct compensation Base Pay Bonus Long term incentives Perks or perquisites
  7. 7. CONT…Indirect compensation Insurance (health, eye). Leaves (sick, holiday/personal) Clothes Company parties Phones/laptop Retirement programs
  8. 8. NON MONETARY Enhance 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.
  9. 9. IMPORTANCEJob descriptionJob analysisJob evaluationPay structureSalary surveys
  10. 10. FACTOR AFFECTTINGExternal Internal Demand &  Compensation supply of labour policy Cost of living  The org. ability Society to pay Labour unions  Job analysis & The economy description  Employee
  11. 11. CONCLUSION We can say that goodcompensation can increase theproductivity of an organizationbecause its provides variousrewards, bonus, schemes etc. andits compulsary for everyorganization.
  12. 12. ?PLEASE

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