The term “compensation”, as a substitute word for wages and salaries, is of recent origin. Compensation management strives for internal and external equity. Internal equity requires that pay be related to the relative worth of a job so that similar jobs get similar pay, while external equity means paying workers what other firms in the labour market pay comparable workers. This online course teaches the best practices, concept, technique, strategy, planning and strategic compensation management.
Compensation management is the process of managing, analyzing, and determining the salary, incentives, and benefits for the various employees. The Compensation managers attract, retain, and engage employees by offering broad and competitive compensation plans within the company budget.
Compensation management as a concept strives for internal and external equity. Internal equity requires that pay be related to the relative worth of a job so that similar jobs get similar pay, while external equity means paying workers what other firms in the labour market pay comparable workers.
This online course teaches the best practices, concept, technique, strategy, planning and strategic compensation management.
Compensation Management Introduction
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