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notes on compensation management and its objective with diagram

COMPENSATION:-

Compensation is payment in the form of hourly wages or annual salary combined with benefits such as insurance, vacation, stock options, etc. that can positively or negatively affect an employee's work performance.

TYPES OF COMPENSATION MANAGEMENT:-

There are two types of compensation management:-

Direct compensation
Indirect compensation

OBJECTIVE OF COMPENSATION:-

The objectives of compensation or wages can be as:-

To establish a fair and equitable remuneration.
To attract competent personnel.
To retain the present employees.
To improve productivity.
To control cost.
To improve Industrial relations.
Attracting the employees.
Eo motivating employees.
To improve public image of the company.

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