Comparitive Study

In: Business and Management

Submitted By snagru
Words 3054
Pages 13
Q1 Explain the importance of compensation management and detail how organization handle its complexities?
Ans1 Compensation and reward system plays vital role in a business organization.since, among four Ms, i.e. men, material, machine and money, men has been most important factor, it is impossible to imagine a business process without men. Every factor contributes to the process without men. Every factor contributes to the process of production/business. It expects return from the business process such as rent is the return expected by the landlord, capitalist expects interest and organizer i.e. entrepreneur expects profits. Similarly the labourexpects wages from the process.
Labor plays vital role in bringing about the process of production /business in motion. The other factors being human, has expectations, emotions, ambitions and egos.

Labor therefore expects to have fair share in the business/production process. Therefore a fair compensation system is a must for every business organization. The fair compensation system will help in the following: 1) An ideal compensation system will have positive impact on the efficiency and results produced by employees. It will encourage the employees to perform better and achieve the standards fixed.

2) It will enhance the process of job evaluation. It will also help in setting up an ideal job evaluation and the set standards would be more realistic and achievable.

3) Such a system should be well defined and uniform. It will be apply to all the levels of the organization as a general system.

4) The system should be simple and flexible so that every employee would be able to compute his own compensation receivable. 5) It should be easy to implement, should not result in exploitation of workers. 6) It will raise the morale, efficiency and cooperation among the workers. It, being just and fair…...

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