good knowledge

1. Managing Compensation and
Benefits
Submitted by: Supriyo Banerjee
(20201069)
Submitted to: prof. Jyoti Ranjan
Gochhayat

2. Compensation and Benefits
Compensation and benefits refer to the compensation salary and other
monetary and non-monetary benefits passed on by a firm to its employees.
Compensation and benefits is important aspect of HRM as it helps to keep
the workforce motivated.
If helps give benefits of employees based on their performance and actions
and brings the best out the employees at the workplace.

3. What does compensation and benefits mean
Compensation and benefits refer to everything an organization is offering to
an employee.
This compensation and list of benefits could be in the form of financial aid,
incentivized bonuses, vacation surplus. Insurances and more.

4. Objectives
To recruit and retain qualified employees.
To increase or maintain morale.
To determine basic wage and salary.
To reward for job performance.

5. Types of Compensation
Hourly
Salary
Commission
Bonuses

6. Difference between compensation and benefits
Compensation is monetary provisions that are provided to the employees by
the hiring organization.
This financial aid is provided to the employees in terms of wages, salaries,
tips, and more.
Benefits
Benefits can be monetary and non-monetary that are presented to the
employees in the form of value, in exchange for their services.

7. Importance of compensation and Benefits
Compensations and benefits are an important aspect of human resource
management as it helps the workforce keep going.
These compensations keep the workforce motivated to achieve more.
It helps the organization award its employees on the basis of their
performance and helps them excel at every venture they undertake.

8. THANKYOU