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Compensation Management

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Presentation on theme: "Compensation Management"— Presentation transcript:

1 Compensation Management

2 Contents Introduction Objectives Components Importance
Factor affecting conclusion

3 Introduction Compensation is a systematic approach to providing monetary & non monetary value to employees in exchange for work performed. Compensation may be defined as money received in performance of work and many kinds of benefits that an organization provides to their employees.

4 Objectives To recruit & retain qualified employees.
To increase or maintain morale. To determine basic wage & salary. To reward for job performance.

5 Compensation component
monetary direct indirect Non monetary

6 component Direct compensation Base Pay Bonus Long term incentives
Perks or perquisites Direct compensation

7 Cont… Insurance (health, eye). Leaves (sick, holiday/personal) Clothes
Indirect compensation Insurance (health, eye). Leaves (sick, holiday/personal) Clothes Company parties Phones/laptop Retirement programs Cont…

8 Non monetary Enhance dignity & satisfaction from work performed.
Promote social relationship with co- workers. Allocate sufficient resources to perform work assingments. Offer supportive leadership & management. Enhance physiological health, intellectual growth.

9 Importance Job description Job analysis Job evaluation Pay structure
Salary surveys

10 Factor affectting Demand & supply of labour Cost of living Society
External Internal Demand & supply of labour Cost of living Society Labour unions The economy Compensation policy The org. ability to pay Job analysis & description Employee Factor affectting

11 conclusion We can say that good compensation can increase the productivity of an organization because its provides various rewards, bonus, schemes etc. and its compulsary for every organization.

12


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