Compensation Management: A Provoking Bribe To Yield Maximum Output
- Date: 2010-06-05 - Word Count: 393
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Before creeping into the topic, it is necessary to understand what does compensation management stand for. It is basically the reimbursement, which is received by the worker in return for his/her benefaction to the respective company. It is a formulated proceeding, which ultimately balances the job and worker relationship, by bestowing financial and non financial assistance to the workers. Such type of intendance is contrived keeping in mind the imperative ground zeroes and business targets. It is mainly fashioned on the basis of certain factors such as analysing the responsibility, which is assigned and the target, which has to be obtained. This type of process is mainly administered by the human resources department, which has a great hand in behind these type of corporate actions. It simultaneously motivates the staff as well it helps in improving the company's proficiency.
The basic features of the compensation management comprises of three vital points, which are considered before allocating the amount to any specific person. These include assaying of job, fabrication of payment and frame work of salary. Such type of benefit is provided, mainly to encourage the workers to enhance the company's productivity. In other words, we can refer it to be as bribe, which lures the staff to give maximum outputs from their capabilities. As a result, it becomes easier for the corporation to achieve its goal in minimal time period. In this way, a symbiotic relation is generated between the employer and the employee. By providing the remuneration, the company ultimately saves its best talents. The amount is however, provided as per the industry standards.
Basically, compensation management is categorized under two plans. These include the long term incentive plan and the short term incentive plan. The long term plan enables the HR team to easily doodle and administer programs such as stock awards and long term remunerations. The main features of this plan mainly includes the following:
1) It enables the team to determine the eligibility and allocate awards simultaneously.
2) It awards complete oversight and administration on a permanent basis.
3) It secures real time assessment to the incentive data.
The short term plan for compensation management includes the following features. These areas follows:
1) This plan aids numerous calibrations, which are tied to the company as well as individual aspirations.
2) It provokes a employee to produce superior results.
3) This plan deals with ductile configuration.
The basic features of the compensation management comprises of three vital points, which are considered before allocating the amount to any specific person. These include assaying of job, fabrication of payment and frame work of salary. Such type of benefit is provided, mainly to encourage the workers to enhance the company's productivity. In other words, we can refer it to be as bribe, which lures the staff to give maximum outputs from their capabilities. As a result, it becomes easier for the corporation to achieve its goal in minimal time period. In this way, a symbiotic relation is generated between the employer and the employee. By providing the remuneration, the company ultimately saves its best talents. The amount is however, provided as per the industry standards.
Basically, compensation management is categorized under two plans. These include the long term incentive plan and the short term incentive plan. The long term plan enables the HR team to easily doodle and administer programs such as stock awards and long term remunerations. The main features of this plan mainly includes the following:
1) It enables the team to determine the eligibility and allocate awards simultaneously.
2) It awards complete oversight and administration on a permanent basis.
3) It secures real time assessment to the incentive data.
The short term plan for compensation management includes the following features. These areas follows:
1) This plan aids numerous calibrations, which are tied to the company as well as individual aspirations.
2) It provokes a employee to produce superior results.
3) This plan deals with ductile configuration.
Related Tags: succession planning, planning process, succession planning process
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