“Compensation” is the term related to getting paid for a job or work one renders as per the term and condition of the job provider. In any working environment, compensation paid to the employees against the responsibilities they meet. It is nothing but the reward that an employee gets for expending energy and time for the organization. From an employer’s perspective, the amount offered to the employees in return for the responsibility they bear is an important aspect of running an organization smoothly and making a profit by doing the business. So, compensation management requires the highest levels of expertise because on this every other aspect of an organization depends. Every year thousands of students from different part of the world contact BookMyEssay for getting a professional compensation management assignment help. This ace assignment writing service provides top class writers to accomplish the assignments on this subject in the best possible way so that the students obtain the highest grades in the examination.

What is Compensation Management?

Workers expect appreciation in a proper form in exchange for their work. Employees work against money. As such, money is considered as the most significant-inspiring factor for employees, but some other non-financial incentives called fringe benefits also work efficiently in certain conditions but not on a long spell.So, compensation management targets to design and implement the most rational pay package that will keep a worker or employee motivated to work as per the terms and condition. An appropriate compensation management is never possible without an intensive knowledge on the related laws including the labor laws of the country. These laws, directly and indirectly, control the compensation or payment system in an organization. There are some international conventions too in this regard which must be taken into consideration like ILO has a specific rule that all the member countries need to abide.

Importance of Employee Compensation or Reward System

Compensation system of the organizations is one of the most influencing features for employee motivation. The history of most of the industrial disputes around the world shows that employee compensation was the main cause of those disputes and employers needed to take compensation management more seriously to resolve the issues. The various importance of compensation management are as follows:

• Good compensation system can minimize industrial disputes.
• Compensation management is directly related to the attrition rates in an organization.
• Employee retention also depends on the pay structure offered to the employees.
• The compensation system influences the employee satisfaction levels.
• Compensation system determines the popularity of the employer in the job market which in turn plays a key role in attracting the best talents.
• How much effort an employee will put on his or her job is also determined by the compensation package.
• A well-planned compensation system makes the employees proactive which in turn enhance the productivity of the organization.
• A good Compensation makes employees attached with the organization that is also imperative to the better working environment and higher productivity.

Types of Compensation

Compensation can be categorized into two heads: direct financial compensation and indirect financial compensation. The former type of compensation is available in forms of wages and salaries while the second type of compensation is available in different forms of non-financial benefits like insurance, housing allowance, medical allowance, etc. which the employee doesn’t get in his hand directly.

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