compesation mang

8/2/2019 compesation mang

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PRESENTED BY:-

DIKSHIKA

SNHELATAVIRAL

JIGNESH

Vijay


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Compensation is the remuneration received by

anemployee in return for his/her contribution

to theorganization.


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Compensation management is an integral

part of human resourcemanagement which

helps inmotivating theemployees andimproving organizationaleffectiveness.


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A goodcompensationpackage is important to

motivate theemployees to increase the

organizationalproductivity.


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Theliteralmeaning of compensation is to

counter-balance.

In thecaseof human resourcemanagement,

compensation is referred to asmoney andother

benefits received by anemployee for providing

services to hisemployer .

"Compensation includes direct cash payments,

indirect payments in the form of employee

benefits and incentives to motivate

employees to strive for higher levels of

productivity


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1.Attracting and retaining personnel

2.Motivating personnelA. Rewards Punish People

B. Rewards Rupture Relationships

C. Rewards Ignore Reasons

D. Rewards Discourage risk TakingE. Rewards Undermine Interest


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3.Optimizing cost of compensation

4.Consistency incompensation


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FinancialFinancial

Direct

wages, salaries, commissions, bonuses


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Indirect

insuranceplans life, health, dental, disability

social assistance benefits

retirement plans, socialsecurity

paid absences vacations, holidays, sickleave


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NonNon--FinancialFinancial

The Job interesting, challenging, responsible

opportunity for recognition, advancement feeling of achievement

Job Environment

policies, supervision, co-workers, statussymbols,working conditions, flextime, compressed workweek, job sharing, telecommuting, flexiblebenefitsprograms


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It rise themoral,efficency and theco-opreation among theemployees.

Rewardsystem bringspeace in therelationship between theemployer andemployee.

It follow themanagement principleof equalpay.


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compesation mang

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