Compensation And Reward System In Hrm Pdf

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Compensation and Reward Management

As you sit down to review the compensation package your company offers, one thing that stands out is that your compensation package no longer matches the core values of your organization. When your organization merged five years ago with a similar firm that specializes in online shoe retailing, your company had to hire hundreds of people to keep up with growth. As a result—and what happens with many companies—the compensation plans are not revised and revisited as they should be. The core values your company adopted from the merging company focused on customer service, freedom to work where employees felt they could be most productive, and continuing education of employees, whether or not the education was related to the organization. The compensation package, providing the basic salary, health benefits, and k plans, seems a bit old-fashioned for the type of company yours has become. For example, you are considering implementing a team bonus program for high customer service ratings and coverage for alternative forms of medicine, such as acupuncture and massage.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. Kwasira Published Political Science. Human Resource Development is concerned with the provision of learning, development and training opportunities in order to improve individual, team and organizational performance. The objective of the study was influence of compensation and reward on performance of employees at Nakuru county government A survey was carried out within the 11 sub-counties in Nakuru County Government with the study adapting a descriptive research design.

Influence of Compensation and Reward on Performance of Employees at Nakuru County Government

In a competitive business climate, more business owners are looking at improvements in quality while reducing costs. Meanwhile, a strong economy has resulted in a tight job market. So while small businesses need to get more from their employees, their employees are looking for more out of them. Employee reward and recognition programs are one method of motivating employees to change work habits and key behaviors to benefit a small business. Although these terms are often used interchangeably, reward and recognition systems should be considered separately. They are normally considered separate from salary but may be monetary in nature or otherwise have a cost to the company.


the Human Resource Certification Institute (HRCI®) and the Society for. Human Compensation Systems with Corporate Strategies, and Strategic Reward.


IMPORTANCE OF COMPENSATION IN HUMAN RESOURCE MANAGEMENT

Understanding the different types of compensation is essential if you are a compensation specialist, HR leader, payroll specialist, business owner or manager. Businesses are legally responsible for compensating workers for their labor, of course, but you are also responsible for explaining compensation to candidates and employees. This is particularly critical during the hiring process, performance reviews, salary reviews, and stay interviews. However, the terms used in the industry to categorize and discuss compensation can sometimes be confusing. As compensation can take many forms, it is essential that workers understand how they are being compensated, the different types of compensation that apply to them and the total value of their compensation package.

The compensation and rewards as received by employee is proportional to the effort exerted by them. Besides, several other internal and external factors determine the financial as well as non-financial compensation for them. W ithin compensation and reward scenario there are few levels denotes the role and status of employees.

Compensation: What Does it Mean? What are the Types?

In the late Middle Ages, craft guilds allowed master craftsmen to employ young people as an inexpensive form of labor in exchange for food, lodging, and formal training in the craft. Clearly the world of work has changed and so has the way that individuals obtain and hone their workplace skills. In business, training is the investment of resources in the employees of a company so they are better equipped to perform their job.

By: Helios on December 16th, Total Rewards. Have you thought about what it is that specifically keeps your employees loyal to your organization?

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2 Response
  1. Joseph K.

    What are the components of a compensation system? employee of the company, or as a reward for a job well done. Human resource planning and career Expectations Manual (PDF) and the Crown Agency Accountability System.

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