![]() ![]() Job Anlaysis -> Pay Structures ->Salary Surverys.Ĭompensation provided to employees can direct in the form of monetary benefits and/or indirect in the form of non-monetary benefits known as perks, time off, etc. Components of a compensation system are as follows: ![]() Compensation system is designed on the basis of certain factors after analyzing the job work and responsibilities. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness.Ĭompensation systems are designed keeping in minds the strategic goals and business objectives. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. The lucrative compensation will also serve the need for attracting and retaining the best employees.Ĭompensation is the remuneration received by an employee in return for his/her contribution to the organization. Employees should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. It is responsible for each and every decision taken, each and every work done and each and every result. Human Resource is the most vital resource for any organization. ![]()
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