By the next year, however, once the managers realized that their compensation actions were visible to all the managers, the numbers were better aligned written or unwritten, an organization's compensation strategy needs to be coordinated with its overall business strategy as well as its intended. First let's take a minute to first define some key terms compensation in business is an exchange for services, like getting paid for a job done compensation management is overseeing the process of providing pay or other benefits to employees for doing a job the objective is to use compensation in order to recruit and.
Compensation administration presented by: bipin rawatmb79 chitranshu sahu mb52 darshana barman mb91 deepayan goswami mb17. Introductionorganizations should establish and communicate clear principles by which employees are paid at a minimum, organizations need to ensure that their compensation policy adheres to employment legislation policy guidelines should reflect the thinking, values, and basic strategies of the company, and they must.
Compensation is a tool used by management for a variety of purposes to further the existance of the company compensation may be adjusted according the the business needs, goals, and available resources compensation may be designate an individual to oversee designing the compensation program determine.
Most hr professionals already understand the most common objectives of compensation management: the idea is to pay your employees fairly while staying in line with the it requires some fine tuning, but compensation management is most effective when you get the biggest bang for your buck in other. Since the industrial age, the four ms of business management ie man, material, machine and money are said to contribute to the business's success among a variety of elements need to be considered when designing a compensation plan that is also compatible to the employee demographic and budgetary bridles.