TABLE OF CONTENTS 1. COMPENSATION MANAGEMENT 2. EXECUTIVE SUMMARY 1|Page
3. INTRODUCTION TO THE COMPANY 4. HISTORY OF THE COMPANY 5. OBJECTIVES OF THE PROPOSED STUDY 6. RESEARCH METHODOLOGY 7. SCOPE/ RELEVANCE OF PROPOSED STUDY 8. GLOBAL SCENARIO 9. DATA INTERPRETATION AND ANALYSIS 10.COMPANY NAME 11.FINDINGS OF THE SURVEY: a. CONCLUSION b. RECOMMENDATIONS & SUGGESTIONS c. REFERENCE d. APPENDIX e. QUESTIONNAIRE
In the current scenario of competitive business environment, it has become important for a management student to equip themselves with the practical exposure of the corporate world. It was great privilege for me to understand the practical HUMAN RESOURCE aspects in our college classroom on the topic Compensation Management. In this regards I was asked to analyze the compensation package in employee compensation management policies in hitavada and its distributors. It was analyzed that the employees were fully satisfied in respect to their increment in their salary package. An online and telephonic interview was being conducted and questionnaire was being distributed accordingly. The feedback of the respondents was up to the mark and a positive conclusion could be made. The company where I completed my Internship was “THE HITAVADA” started in 1911. My topic for the project is “impact of newspaper in reputation of any organization”.
WHAT IS COMPENSATION MANAGEMENT?
Compensation management is payment in the form of hourly wages or annual salaries combined with benefits such as insurance, vacation, etc. that can positively or negatively affect an employee’s work performance. It can be said that compensation is the “glue” that binds the employee and the employer together and in the organized sector, this is further codified in the form of a contract or a mutually binding legal document that spells out exactly how much should be paid to the employee and the components of the compensation package. The art and science of arriving at the right compensation makes all the difference between a satisfied employee and a disgruntled employee. Though Maslow’s Need Hierarchy Theory talks about compensation being at the middle to lower rung of the pyramid and the other factors like job satisfaction and fulfillment being at the top, for a majority of employees, getting the right compensation is by itself a motivating factor. Hence, employers need to quantify the employee’s contribution in a proper manner if they are to get the best out of the employee. The provision of monetary value in exchange for work performed forms the basis of compensation and how this is managed using processes, procedures and systems form the basis of compensation management. The aspect of how skewed compensation management leads to higher attrition is discussed as well. This aspect is important as studies have shown that a majority of the employees who quit companies give inadequate or skewed compensation as the reason for their exit. Hence, compensation management is something that companies must take seriously if they are to achieve a competitive advantage in the market for talent.
“If you pick the right people and give them the opportunity to spread their wings and put compensation and rewards as a carrier behind it - you almost don’t have to manage them.” — Jack Welch
DEFINITION OF COMPENSATION MANAGEMENT:
It is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve purposes assisting in recruitment, job performance, and job satisfaction. PREFACE Human resource is the most vital resource for any organization . It is responsible for each and every decision taken, each and every work done. Employees should be managed and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will also serve the need for attracting...