08-01-2013, 02:55 PM
PAYROLL MANAGEMENT SYSTEM
PAYROLL MANAGEMENT SYSTEM.ppt (Size: 2.45 MB / Downloads: 120)
Introduction to Compensation
Remuneration Received by an Employee
Organized practice that involves balancing the work-employee relation
Integral Part of Human Resource Management
Need of Compensation
Employee Motivation <-> Increased Productivity
Effective Organization Operations
Employee Retention – Attract and Sustaining the Best Talent.
Enhancement of Job Evaluation
Creation of Healthy Competition
Business Growth and Expansion Possibilities
Direct Compensation
Direct compensation refers to monetary benefits offered and provided to employees in return of the services they provide to the organization.
They are given at a regular interval at a definite time.
Indirect Compensation
Indirect compensation refers to non-monetary benefits offered and provided to employees in lieu of the services provided by them to the organization.