Performance Related Pay Helps The Organization In Achieving Its Objective.

Presented by:- Alkagnee Senapati.

Suchismita Mangraj. S.H. Divyarani.

What is Compensation Management??

Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness.

Components of Compensation System:System:Job analysis y Salary structures

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Need of Compensation Management

A good compensation package is important to motivate the employees to increase the organizational productivity. y Unless compensation is provided no one will come and work for the organization. Thus, compensation helps in running an organization effectively and accomplishing its goals. y Salary is just a part of the compensation system, the employees have other psychological and selfactualization needs to fulfill. Thus, compensation serves the purpose. y The most competitive compensation will help the organization to attract and sustain the best talent. The compensation package should be as per industry standards.
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How Performance Related Pay Helps The Organization??

Planning

Reward

Monitoring

Rating

Developing

Retention Strategy:Strategy:y y y y y y y y y

Hire the right people in the first place. Empower the employees: Give the employees the authority to get things done. Make employees realize that they are the most valuable asset of the organization. Have faith in them, trust them and respect them. Provide them information and knowledge. Keep providing them feedback on their performance. Recognize and appreciate their achievements. Keep their morale high. Create an environment where the employees want to work and have fun.

Attract the employee:employee:Company brand y Open , transparent, and caring organization y Management according to the managing with respect to guiding principles y Training ad development programs y Structured career planning process y Global career opportunities
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Difference Between Private & Government Organization:Organization:The public sector is made up of agencies and institutions owned and operated by the government, while the private sector is made up of small businesses, corporations, as well as profit and nonprofit organizations. y The public sector is not profit-driven, while this is the case with the private sector. y The end beneficiary of the services offered by the public sector is the general public, while it is the general consuming public who take advantage of the goods and services offered for profit by the private sector businesses.
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