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