Compensation Management

remuneration Management Q1.a. What is the role of fee and rewards in modern placement? What atomic number 18the advantages of a dependable compensation brass section? Ans1a. Role of stipend and Reward in Organization: Compensation and Reward ashes plays vital role in a business organization. Since, among cardinal Ms, i.e Men, Material, Machine and Money, Men has been most important factor, it is impossible to look a business process without Men. Land, Labor, Capital and Organization are four major factors of intersection. Every factor contributes to the process of production/business. It expects return from the business process such as exact is the return expected by the Landlord. similarly Capitalist expects absorb and Organizers i.e Entrepreneur expects profits. The labour expects wages from the process. It is evident that other factors are in-human factors and as such labour plays vital role in bringing about the process of production/business in motion. The other factors being human, has expectations, emotions, ambitions and egos. Labour therefore expects to have fair share in the business/production process. Advantages of Fair Compensation System: Therefore a fair compensation system is a must for every business organization. The fair compensation system ordain help in the following: 1.

If an precedent compensation system is designed, it allow have positive concern on the efficiency and results produced by workmen. 2. Such system will encourage the normal worker to perform better and fall upon the standards fixed. 3. this system will encourage the process of job evaluation. It will also help in setting up an paragon job evaluation, which will have transparency, and the standards fixing would be much realistic and achievable. 4. Such a system would be puff up defined and uniform. It will be apply to all the levels of the organization as a general system. 5. The system would be unsubdivided and flexible so that every worker/recipient would be able to compute... If you want to get a full essay, value it on our website: Orderessay

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