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. OBJECTIVES
To recruit & retain
qualified
employees.
To increase or
maintain morale.
T
o determine basic
wage & salary.
To reward for job
performance.
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.
10. FACTOR AFFECTTING
Demand &
supply of labour
Cost of living
Society
Labour unions
The economy
Compensation
policy
The org. ability to
pay
Job analysis &
description
Employee
External Internal
11. 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.