Compensation Management
1. Introduction:
In an expanding economy, human resources are scarce, and it’s important to attract and retain the best people. In a recessionary economy, human capital is a major expense that needs to be controlled effectively. But no matter what the global economic situation may be, you need maximum insight and flexibility to manage enterprise compensation. You also need the ability to adapt dynamically to ever-changing circumstances. A comprehensive compensation management solution achieves this by integrating all relevant human resources (HR) processes, including the administration of fixed and variable pay, long-term incentives. performance management, compensation budgeting, personnel cost planning, salary benchmarking, and payroll.
1.1Objectives of the Study
The objectives of the study are as follows:
( To know the HRM policies and compensation system of an organization.
( To learn how to calculate the salary of employees.
( The main objectives are, as we are HRM students we need to deal with the employee compensation, rewards, promotion, increment etc, so this study will help us do this properly.
1.2 Scope of the Study
This study covers the basic system of compensation management. We have put our all efforts to prepare this paper in such way which will help us it for further information needed.
1.3 Methodology of the Study
This study is based on our knowledge which we have learned from our course teacher. We use used forecasted information, and some information given by our honorable course teacher. We try to given some pictorial comparison of salary system. We used MS word; MS excel for prepared this report properly.
1.4 Limitations of the Study
We are really unable to collect enough information for some unanticipated reasons.
Due to the lack of enough time we could not gather more information to justify extract information. Many things were so confidential that we are not entitled to access there. The most vital
In an expanding economy, human resources are scarce, and it’s important to attract and retain the best people. In a recessionary economy, human capital is a major expense that needs to be controlled effectively. But no matter what the global economic situation may be, you need maximum insight and flexibility to manage enterprise compensation. You also need the ability to adapt dynamically to ever-changing circumstances. A comprehensive compensation management solution achieves this by integrating all relevant human resources (HR) processes, including the administration of fixed and variable pay, long-term incentives. performance management, compensation budgeting, personnel cost planning, salary benchmarking, and payroll.
1.1Objectives of the Study
The objectives of the study are as follows:
( To know the HRM policies and compensation system of an organization.
( To learn how to calculate the salary of employees.
( The main objectives are, as we are HRM students we need to deal with the employee compensation, rewards, promotion, increment etc, so this study will help us do this properly.
1.2 Scope of the Study
This study covers the basic system of compensation management. We have put our all efforts to prepare this paper in such way which will help us it for further information needed.
1.3 Methodology of the Study
This study is based on our knowledge which we have learned from our course teacher. We use used forecasted information, and some information given by our honorable course teacher. We try to given some pictorial comparison of salary system. We used MS word; MS excel for prepared this report properly.
1.4 Limitations of the Study
We are really unable to collect enough information for some unanticipated reasons.
Due to the lack of enough time we could not gather more information to justify extract information. Many things were so confidential that we are not entitled to access there. The most vital