Compensation management refers to the development and implementation of sound compensation policies, programs, and practices. It is one of the important aspects of human resource management that aids in employee motivation and organizational effectiveness. It is framed in a way under which the use of a systematic and scientific approach will be done to fairly and logically compensate employees for their work.
Non-monetary benefits such as a company-paid car, company-paid housing, and stock options can be included in compensation. Compensation is a major factor in employees' decisions to join or stay with a company, so compensation strategy and planning are critical in organizations that want to attract and retain the best employees.
What are the objectives of compensation management?
Maintain a qualified workforce.
Attract the right people.
Assess performance, duty, and plan for the better advancement of work.
Determine compensation and salary costs to reflect changes in market rates or organizational changes.
Develop justified reward structures with logical and fair pay relationships between jobs of varying value.
Pay structures should be adjusted to reflect inflationary effects.
How does it working?
Employers who got the understanding of retaining top talent for their organization will know how to necessitate offering a competitive salary and benefits package to their quality employees. Wages, salaries, bonuses, and commission structures are all part of compensation. All these help employees to perform well and motivate them to do more for their organizations. And also, frame out transparency and clarity between both the employers and employees. The working process of compensation management includes:
They make policies that are framed to attract talented employees to the organization.
The employers work to increase the productivity and profitability that contribute towards the organization.
They create compensation working plans for the effective run of their organization. This includes the right compensation and better bonuses.
It is found that employees are more likely to stay with a company if they are well paid. One of the reasons why employees stay with their employers is because they are properly compensated. Loyalty means that business owners don't need to continue to spend time, money, and energy on recruiting new candidates.
When HR performs a compensation management task they usually concern about the environment of morale. This made the workers satisfied because of the efficiency and cooperation among them.
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