Compensation Management

Compensation is a package of financial and non-financial benefit that the employees receive for his contribution vender to the organization. It consists of all forms of monitoring and non-monitoring rewards provided by contributed by them towards organizational objectives. Compensation can be two types. they are direct and indirect. direct compensation includes pension, insurance, medical insurances, paid leaves, paid sick leaves, purchase discount and etc. and direct compensation includes salaries, wages, incentives, commission, bonus and etc. Every Organization offers a good compensation to attract and retain the employees in the actual workflow. A well-designed job evaluation programmes help to determine an appropriate compensation system. Compensation dissatisfaction can lead to absenteeism, turnover, job dissatisfaction, law performance, strike and grievances, compensation system should balance original ability to pay with employee satisfaction.
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