Introduction remuneration is an essential and universal component of the management process of any organization. Most organizations want to fulfill their mission, achieve their objectives and maximize dedicate on their investment, particular(a)ly on their human capital. Doing so requires that their fee philosophy, design, delivery and decisions be balanced, fair, focused, and understood by their employee and potential employee constituencies.
TextRole of Compensation and RewardsAn effective compensation system is about much more than base pay. It incorporates a wide range of elements, from the handling of raises and bonuses to providing benefits and pass non- monetary advantages such as learning opportunities and job security. In fact, center on a well-designed, comprehensive compensation package is ofttimes much more effective in improving craft per multifariousnessance than simply increasing employees? base pay without deal for the broader picture.
Compensation takes the forms of wages and benefits. The pay structure consists of:?Wages which ar a monetary payment for services performed on an periodical basis for specified quality of labor (blue-collar worker) either an employee or employer (working for someone else). Wage rate is commonly the main monetary concern discussed between the worker and the potential employer when negotiating employment or an employment contract.
?Salary is often interchanged with the word wage, but profit is usually governed by an employment contract for a frigid period of time such as a week, month, or per year that requires the employee to possess special training or abilities associated to that particular job position (usually referred to as a white-collar worker).
?Employee Benefits are offered from many companies to attract, retrain, improve morale and promote employee productivity. Benefits are usually offered in addition to general wages in a wide variety from company to company in the form of, but are not limited to, paid holidays, vacations, health insurance, dental plans, sick...If you want to get a full essay, gear up it on our website: Orderessay
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