Compensation Management

It is also known as Wages and Salary Administration.
Under this administration of employee compensation is done.
It involves the formulation and implementation of policies and programs relating to wages, salaries, and other forms of employee compensation.
It includes job evaluation, wages survey, development and maintenance of wage structure rules for administration, profit sharing, and other incentives and control of payroll costs.
Objective- To establish and maintain an equitable wage and salary structure and an equitable labor cost structure.

Base Compensation – It means wages and salaries paid to employees.

Supplementary Compensation- It means Fringe Benefits paid in addition to wages and salaries.

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