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.
Think-
- Issues in Compensation Management
- Components of Compensation.
- Objectives of Wage and Salary Administration.
- Principles of Wage and Salary Administration.
- Essentials of Sound of Wage and Salary Structure.
- Factors Affecting Compensation.
- Methods of Wage Payment
- Process of Wage Determination.
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