Compensation Management: What is the role of compensation and rewards in modern organization? What are the advantages of a fair compensation system?

Introduction remuneration is an essential and universal component of the wariness process of any organization. Most organizations want to fulfill their mission, pass their objectives and maximize dedicate on their investment, particular(a)ly on their human capital. Doing so requires that their fee philosophy, design, delivery and decisions be balanced, fair, focused, and understood by their employee and potential difference employee constituencies. TextRole of Compensation and RewardsAn effective requital system is about much more than base manufacture. It incorporates a wide range of elements, from the manipulation of raises and bonuses to providing benefits and pass non- monetary advantages such as learning opportunities and contemplate security. In fact, center on a well-designed, comprehensive compensation package is ofttimes much more effective in improving craft per multifariousnessance than simply increasing employees? base pay without deal for the broader pi cture. Compensation takes the forms of wages and benefits. The pay structure consists of:? earnings which ar a monetary payment for services performed on an periodical basis for specified quality of labor (blue-collar worker) all an employee or employer (working for someone else). Wage rate is commonly the master(prenominal) monetary concern discussed between the worker and the potential employer when negotiating vocation or an employment contract.

?Salary is often interchanged with the word wage, solely profit is usually governed by an employment contract for a frigid period of time such as a week, month, or per year that requires the employee to posse! ss special training or abilities associated to that particular job position (usually referred to as a pink-collar worker). ?Employee Benefits ar offered from many companies to attract, retrain, improve morale and promote employee productivity. Benefits are usually offered in addition to general wages in a wide variety from company to company in the form of, but are not limited to, paying holidays, vacations, health insurance, dental plans, sick... If you want to get a right essay, gear up it on our website: BestEssayCheap.com

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