Today HR professionals manage compensation, benefits and reward schemes and motivating employees efficiently and effectively, but also for attracting new people to the company. The term of compensation they think about “what a person is paid”. Compensation includes not only salary, but also the direct and indirect monetary and non-monetary rewards and benefits are given to employees on the basis of the value of the job, the employee is provided with in return for their contribution to the organization.
Importance of Compensation
The impact of compensation & benefits strategy within an organization is important for employee’s performance.
Objective of the research:
• What compensation is?
• How monetary compensation effects on employee’s performance?
• How non monetary compensation effects on employee’s performance?
• How compensation effect the organization’s performance?
• What kind of compensation can play measure role in any organization?
• What kind of compensation as such does not affect the employee performance?
• What is the importance of compensation?
To determine compensation, organizations should develop a compensation and rewards program. It’s One of the important tools for companies use to attract, retain and motivate people.
Basically, people who work in compensation and benefits are responsible for devising policies for an organisation’s salary, bonus and incentive schemes. These might include:
• Company cars
• Life assurance
• Profit sharing
• Dental plans
• Medical insurance
• Capital bonds reward schemes
Ashtopus offers HR consulting services manage all HR functions efficiently and effectively, the right compensation and benefits schemes ensure that hard-working employees are rewarded fairly and in the most cost-effective way for the company. This in turn then motivates employees to sustain their performance.