Role of Compensation
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800 words - explain the role compensation plays in the achievement of organizational goals. Analyze the impact of compensation decisions on external and internal stakeholders, including the effectiveness of managers and employees. Draw conclusions based upon reading, research, personal experience, and data collected from organizations.
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Explain the role compensation plays in the achievement of organizational goals. Analyze the impact of compensation decisions on external and internal stakeholders, including the effectiveness of managers and employees. Draw conclusions based upon reading, research, personal experience, and data collected from organizations.
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A solid compensation system is critical to any successful organization.
The key objectives of any compensation plan and its role in the achievement of organizational goals are:
1) Provide mechanisms to attract qualified applicants to the organization and retain them: Compensation plays a very important role in attracting the best talent in the organization as well as retain them for a long period of time. It thus helps in creating a solid human resource pool in the organization which enhances the productivity, efficiency as well as overall quality in the organization. A sound human resource infrastructure with right set of employees possessing right set of skills for the right job is critical to the success of any organization, which is perfectly achieved via a suitable compensation plan. Further, in order to avoid high attrition levels, compensation plays a key role in retaining the top talent in the organization.
Motivate employees to maintain high standards of productivity and service: A suitable compensation, incentives and rewards program is the key motivator in any organization today. In order to ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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