Compensation system plays a very vital role in a business organization. Since, among four Ms., i.e. Men, Material, Machine and Money, Men has been the most important factor. It is impossible to imagine a business process without Men. In any organization, the compensation system is designed and incorporated to streamline the activities. The activities performed by the human resources earn [...]
Everything you need to know about compensation plans. Compensation is defined as the money received by employees from the organization on account of the performance they render. When the employee receives the money in terms of salary or wage, it is known as direct compensation. When the employee receives benefits such as - health insurance, medical benefits, travel allowances, etc., [...]
Everything you need to know about compensation. Compensation is the reward that the employees receive in return for the work performed and services rendered by them to the organization. Compensation includes monetary payments like bonuses, profit sharing, overtime pay, recognition rewards and sales commission, etc., as well as nonmonetary perks like a company-paid car, company-paid housing and stock opportunities and [...]