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COMPENSATION

MANAGEMENT
Submitted by:
Gurpreet Singh
CONTENTS
Introduction
Objectives
Components
Importance
Factor affecting
conclusion
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.
OBJECTIVES
 To recruit & retain
qualified
employees.
 To increase or
maintain morale.
 To determine basic
wage & salary.
 To reward for job
performance.
COMPENSATION COMPONENT

compensation

monetary Non monetary

direct indirect
COMPONENT
Direct
compensation
 Base Pay

 Bonus

 Long term incentives

 Perks or perquisites
CONT…
Indirect compensation

 Insurance (health,
eye).
 Leaves (sick,
holiday/personal)
 Clothes

 Company parties

 Phones/laptop

 Retirement programs
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.
IMPORTANCE
Job description
Job analysis
Job evaluation
Pay structure
Salary surveys
FACTOR AFFECTTING
External Internal

 Demand &  Compensation


supply of labour policy
 Cost of living  The org. ability
 Society to pay
 Labour unions  Job analysis &

 The economy
description
 Employee
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.
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