Scribd
Upload
53 views

Compensation Management

This document provides an introduction to compensation management. It defines compensation as the total monetary and non-monetary pay provided to employees in exchange for their work. It discusses factors that influence compensation such as organization goals, market research, employee contributions, and availability of skilled workers. It also outlines the direct and indirect components of compensation packages, including salary, allowances, benefits, and policies around leave, overtime, and retirement. Finally, it states that strategic compensation aims to align pay with business goals to attract and retain top talent in today's competitive environment.

Uploaded by

Bhaskar Dibya
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
53 views

Compensation Management

This document provides an introduction to compensation management. It defines compensation as the total monetary and non-monetary pay provided to employees in exchange for their work. It discusses factors that influence compensation such as organization goals, market research, employee contributions, and availability of skilled workers. It also outlines the direct and indirect components of compensation packages, including salary, allowances, benefits, and policies around leave, overtime, and retirement. Finally, it states that strategic compensation aims to align pay with business goals to attract and retain top talent in today's competitive environment.

Uploaded by

Bhaskar Dibya
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 12

Compensation Management

Presentation OnIntroduction To Compensation


Presented toProf. Gunjan Anand Presented byBhaskar Dibya ICHE-B

Compensation is the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required.

Organization goals. Market research about the worth of similar jobs in the marketplace. Employee contributions and accomplishments. The availability of employees with like skills in the marketplace.

The desire of the employer to attract and retain a particular employee for the value they are perceived to add to the employment relationship.

The ability of an employer to pay market-rate compensation.

DIRECT INDIRECT

Basic Salary . . House Rent Allowance. Conveyance. Leave Travel Allowance . Bonus. Special Allowance . Medical reimbursement.

Leave Policy. Overtime Policy. Hospitalization. Insurance. Leave Travel. Retirement benefits. Holiday Homes. Flexible Timings.

Motivating and increasing efficiency.


Running the organization effectively and achieving the goals. To fulfill psychological needs and self actualization needs. To attract and sustain the best talent.

Strategic compensation is determining and providing the compensation packages to the employees that are aligned with the business goals and objectives.

In todays competitive scenario organizations have to take special measures regarding compensation of the employees so that the organizations retain the valuable employees. The compensation systems have changed from traditional ones to strategic compensation systems.

You might also like