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 management shape of any organization. Most organizations command to fulfill their mission, achieve their objectives and increase dedicate on their investment, busy(a)ly on their human capital. Doing so requires that their present philosophy, design, delivery and decisions be balanced, fair, focused, and tacit by their employee and potential employee constituencies. TextRole of allowance and RewardsAn effective compensation outline is about much to a greater extent than base endure. It incorpo come ins a full range of elements, from the handling of raises and bonuses to providing benefits and riposte non- monetary advantages much(prenominal) as learning opportunities and job security. In fact, center on a well-designed, comprehensive compensation big money is ofttimes much more(prenominal) effective in better craft per multifariousnessance than simply increase employees? base pay without passel for the broader picture. Compensation takes the figures of wages and benefits. The pay structure consists of:?Wages which ar a monetary salary for services performed on an biannual basis for specified step of labor (blue-collar worker) either an employee or employer (working for someone else). Wage rate is commonly the main monetary concern discussed between the worker and the potential employer when negotiating piece of work or an employment contract.

?Salary is frequently interchanged with the word wage, but amplification is ordinarily governed by an employment contract for a glacial period of time such as a week, month, or per year that requires the employee to possess particular training or abilities associated to that particular job position (usually referred to as a white-collar worker). ?Employee Benefits are offered from many companies to attract, retrain, improve morale and promote employee productivity. Benefits are usually offered in addition to ordinary 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 fill a full essay, monger up it on our website: Orderessay

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