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 focusing process of any organization. Most organizations want to fulfill their mission, get 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 strength employee constituencies. TextRole of Compensation and RewardsAn effective recompense system is about frequently more than base behave. It incorporates a wide range of elements, from the discussion of raises and bonuses to providing benefits and pass non- monetary advantages such as learning opportunities and chisel 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 picture. Compensatio n takes the forms of wages and benefits. The pay structure consists of:? contend which ar a monetary payment for services performed on an periodical basis for specified quality of labor (blue-collar worker) both an employee or employer (working for someone else). Wage rate is commonly the of import monetary concern discussed between the worker and the potential employer when negotiating enjoyment or an employment contract.

?Salary is often interchanged with the word wage, moreover 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 possess special training or abilities associated to ! that particular job position (usually referred to as a white-collar worker). ?Employee Benefits atomic number 18 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, gainful holidays, vacations, health insurance, dental plans, sick... If you want to get a in full essay, gear up it on our website: BestEssayCheap.com

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