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 trouble process of any organization. Most organizations want to fulfill their mission, master 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 authority employee constituencies. TextRole of Compensation and RewardsAn effective wages system is about a lot more than base brook. It incorporates a wide range of elements, from the use of raises and bonuses to providing benefits and pass non- monetary advantages such as learning opportunities and trade 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. Compensation takes the for ms of wages and benefits. The pay structure consists of:? wages 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 master(prenominal) monetary concern discussed between the worker and the potential employer when negotiating meshing or an employment contract.

?Salary is often interchanged with the word wage, just now 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 pos sess special training or abilities associate! d to that particular job position (usually referred to as a skilled worker). ?Employee Benefits are 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, paid holidays, vacations, health insurance, dental plans, sick... If you want to get a dear essay, gear up it on our website: OrderCustomPaper.com

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