In human resource management, total compensation package is referred to not only money but also other benefits received by an employee for providing services to his employer. Today we will learn about the components of whole compensation package. An ideal compensation package may identify its various components as follows:
1. Fixed Pay or Base Pay
Base Compensation is one type of Compensation that refers to the basic salaries and wages given to he employees. It is normally constant at a given amount irrespective of the difference in work performance. Continue reading
Dear friends we already learned a lot about compensation management . Now we will learn how to develop and set up a new Compensation plan in any organization. No matter which type of organization or establishment you are dealing with, every organization have to follow the following steps to establish a new compensation plan:
1. Develop program outline
- At first have to set an objective for the compensation program identifying the needs.
- Establish target dated for implementation and completion
- Determine a budget for the plan Continue reading