Everything you need to know about compensation management. Compensation or reward management is concerned with the formulation and implementation of strategies and policies which are to reward people fairly, equitably and consistently in accordance with their value to the organizations and to help the organization to achieve its strategic goals. It deals with the design, […]
Compensation Management in HRM
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Types of Compensation
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Everything you need to learn about the types and forms of compensation provided to employees in an organization. Compensation is what employees receive in exchange for the services rendered in an organization. The term ‘compensation’ refers to all forms of financial returns and tangible benefits that employees receive as part of the employment relationship. In […]
Rewards: Classification, Characteristics and Criteria
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Introduction: A compensation or rewarding system is devised after careful consideration of various factors which affects both the organisation and employee. Rewarding of performance should be such that productivity gains continue. The system must be established according to the worth of a job. We must keep in mind that although we reward people for their […]