Compensation refers to all forms of financial returns and tangible benefits that employees receive as part of an employment relationship. Beyond this pure economic exchange model, compensation may also be viewed as (a) a system of rewards that motivates employees to perform; (b) a critical communication device through which organisations convey and reinforce the values, culture, and the behaviours they [...]
One of the most important elements in human resource management is compensation or remuneration. Therefore, it is necessary to frame sound policies and practices for employee compensation. Remuneration is the compensation an employee receives in return for his or her contribution to the organisation. Remuneration is concerned with needs, motivation and rewards. Managers, therefore, analyse and interpret the needs of [...]
Compensation Administration is a strategic management tool of compensation management and HR management to match productivity with cost of labour and employees to get satisfaction of their worth and values. Compensation Administration then fulfils the objectives of both the employers and the employees. Compensation administration refers to the tasks of compensation managers in designing and implementing a pay program. Taking [...]