Definition of compensation management - compensation management - Manu Melwin Joy
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Compensation management involves creating a cost-effective pay structure to attract, retain, and motivate employees while ensuring perceived fairness. Various definitions emphasize its role in financial reward systems and employee compensation. The process must consider both organizational and market factors.
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Definition of compensation management - compensation management - Manu Melwin Joy
- 1. Definition of compensation management Compensation Management
- 2. Prepared By Kindly restrict the use of slides for personal purpose. Please seek permission to reproduce the same in public forms and presentations. Manu Melwin Joy Assistant Professor Ilahia School of Management Studies Kerala, India. Phone – 9744551114 Mail – [email protected]
- 3. Definition of compensation management • “Compensation management is the process of determining cost effective pay structure, designed to attract and retain, provide an incentive to work hard, and structured to ensure that pay levels are perceived as fair.” – Stephen P Robbins.
- 4. Definition of compensation management • “Compensation systems are the financial reward structures organizations use to compensate individuals for the work they perform for the organizations.” – Linda K Stroh.
- 5. Definition of compensation management • “Compensation management refers to payment systems which determine employee wages or salary, direct or indirect rewards”. – I. Kessler.
- 6. Definition of compensation management • “ Compensation management is a system of compensating individuals for the work they perform in such a way that the organization is able to attract, retain and motivate them to perform well keeping in view organizational and market factors. “ – Deb