In an organization, the compensation department aims to achieve internal consistency, market competitiveness, and individual contribution. Market influence is the greatest challenge to a company’s competitiveness. Performance evaluations can be subjective or objective. Different organizations use different reward strategies to motivate their employees.
Compensation is the payment received by an employee for the work done or contribution made to the organization. This practice is well organized and it balances the work-employee relationship affording monetary and non-monetary privilege to employees. It is an inherent part of human resource management that stimulates the employees and recuperates organizational effectiveness.
What are the three main goals of the compensation department?
The three main ...