Compensations

Compensation The sum total of all forms of openments or rewards hand overd to employees for performing tasks to extend to organizational objectives Rs Compensation- Nature and scope The complex process includes decisions regarding variable pay and benefits It suggests an exchange relationship between the employee and the organization It involves design, development, implementation, communication and the evaluation of reward strategy and process of the organization Compensation Objectives 1. 2. 3. 4. To reward employees ago performance fairly, in line with efforts, skills and competencies To attract and retain war-ridden high performing employees To motivate the high performing employees and honor desirable employee behaviour To remain competitive in the labor market 5. 6. 7. To line up employees future performance with organizational goals To communicate the employees their worth to the organization To provide employee social status  strategical compensation Using the compensation plan to stand up the companys strategic aims. Focuses employees attention on the value of winning, execution, and speed, and on being better, faster, and more competitive..

IBM Strategic Compensation Planning Strategic Compensation Planning Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. Serves to identify the realize monetary payments made to employees with specific functions of the HR program in establishing a pay-forperformance standard. Seeks to motivate employees through compensation. Compensation Policy Issues chip in for performance Pay for seniority Salary increases and promotions Overtime and transposition pay Probationary pay remunerative and unpaid leaves Paid holidays Salary compression (A salary inequity problem, generally caused by inflation, resulting in longer-term employees in a position earning less than workers entering the crocked today) ... If you want to get a full essay, order it on our website: Ordercustompaper.com

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