Job satisfaction includes challenging lend, interesting job assignments, just rewards, competent supervision, and rewarding careers. The quality of work life and psychological rewards from employment are very important. It is doubtful, however, whether many of us would push working were it not for the money we earn.
Employees desire hire systems that they savvy as being fair and commensurate with their skills and expectations. Pay, therefore, is a major(ip) consideration in HRM because it provides employees with a tangible reward for their services, as well as a source of recognition and livelihood.
Employee compensation includes all forms of pay and rewards received by employees for the performance of their jobs. select compensation encompasses employee wages and salaries, incentives, bonuses, and commissions. Indirect compensation comprises the many benefits supplied by employers, and nonfinancial compensation includes employee recognition programs, rewarding jobs, and flexible work hours to accommodate personal needs.
Both HR professionals and scholars agree that the delegacy compensation is allocated among employees sends a message what management believes is important and the types of activities it encourages.
For an employer, the payroll department constitutes a sizable operating cost. In manufacturing firms compensation is rarely as low as 20 percent of meat expenditures, and in service enterprises it often exceeds 80 percent.
A near compensation program is essential so that pay shag serve to motivate employee production sufficiently to keep labor party costs at an acceptable level. The management of a compensation program, job evaluation systems, and pay structures for determining compensation payments is cover here. Included will be a discussion of national regulations that affect wage and salary rates. Employee benefits that are part of the make sense compensation package are discussed later.
The Compensation Program
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