CM

Published on May 2016 | Categories: Documents | Downloads: 34 | Comments: 0 | Views: 143
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ByIshita, Shiladitya, Rajesh, Jhaggar

‡ Compensation concept ‡ Meaning of compensation ‡ Objective & importance of compensation management ‡ Base vs supplementary compensation ‡ Components & types of compensation

Compensation is the total reward received by an employee in exchange for services performed for an organization. Organizations usually associate compensation/pay ranges with job descriptions in the organization. The ranges include the minimum and the maximum amount of money that can be earned per year in

OBJECTIVES

±Direct compensation
The employer exchanges monetary rewards for work done.

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Indirect compensation
Employer-provided benefits³like health insurance³that are provide employees for being a member of the organization.

COMPONENTS OF COMPENSATION

REFERENCES
‡ www.chrmglobal.com/.../Components-ofCompensation.html ‡ http://www.hr-guide.com/data/G400.htm

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