JOB

A group of homogeneous tasks related by similarity of functions.When performed by an employee in an exchange for pay. a job consists of duties, responsibilities, and tasks. Read more: http://www.businessdictionary.com/def inition/job.html#ixzz2xNUJKoaz

Ten Things People Want Most In Their Jobs

1. Recognition for a job well done

2. A healthy working environment

3. Meaningful work 4. Responsibility 5. Accountability 6. Equitable compensation 7. The chance to learn 8. The chance to do great work

9. Understanding
10. The chance to work with interesting, motivated, responsible people

Compensation:
Compensation is the methods and practices of maintaining balance between interests of operating the company within the fiscal budget and attracting, developing, retaining, and rewarding high quality staff through wages and salaries which are competitive with the prevailing rates for similar employment in the competitive markets. It is the cornerstone of an effective talent management strategy. TYPES OF COMPENSATITION FINANCIAL NON FINANCIAL

The basic components of employee compensation and benefits

Guaranteed pay a fixed monetary (cash) reward paid by an employer to an employee. The most common form of guaranteed pay is base salary. 2. Variable pay a non-fixed monetary (cash) reward paid by an employer to an employee that is contingent on discretion, performance, or results achieved. The most common forms of variable pay are bonuses and incentives. 3. Benefits programs an employer uses to supplement employees compensation, such as paid time off, medical insurance, company car, and more. 4. Equity-based compensation stock or pseudo stock programs an employer uses to provide actual or perceived ownership in the company which ties an employee's compensation to the long-term success of the company. The most common examples are stock options.

 Compensation strategies can affect many facts of the business. Such as; Improved employee morale and retention Increased employee engagement and productivity Strengthened governance and compliance with company vision and mission

Advantages of compensation in organization

1. Job satisfaction: Your employees would be happy with their jobs and would love to work for you if they get fair rewards in exchange of their services. 2. Motivation: We all have different kinds of needs. Some of us want money so they work for the company which gives them higher pay. Some value achievement more than money, they would associate themselves with firms which offer greater chances of promotion, learning and development. A compensation plan that hits workers needs is more likely to motivate them to act in the desired way. 3. Low Absenteeism: Why would anyone want to skip the day and watch not-sofavorite TV program at home, if they enjoy the office environment and are happy with their salaries and get what they need and want? 4. Low Turnover: Would your employees want to work for any other boutique if you offer them fair rewards. Rewards which they thought they deserved?

 Advantage to Employees: 1. Peace of Mind: your offering of several types of insurances to your workers relieves them from certain fears. Your workers as a result now work with relaxed mind. 2. Increases self-confidence: Every human being wants his/her efforts to get acknowledgment. Employees gain more and more confidence in them and in their abilities if they receive just rewards. As a result, their performance level shoot up.

Importance of Compensation in the Workplace

The compensation packages a business offers to employees affects the companys recruitment rate, retention rate and employee satisfaction. A business owner should understand the importance of compensation and the prevailing laws to remain competitive in the market. Compensation Strategy is seen as one of the most important strategies in the human resource management function as it influences the productivity and growth of an organization

Recruitment Motivation Retention Compensation Laws

 Fair benefits and pay are the cornerstone of a successful company that recruits and retains committed workers. If you provide a living wage for your employees, you can then work on additional motivation issues. Without the fair, living wage, however, you risk losing your best people to a better-paying employer.

INFLUENCE OF PAY ON EMPLOYEE ATTITUDES AND BEHAVIOR

compensation practices heavily influence recruitment, turnover, and employee productivity. An organization's compensation practices can have far-reaching effects on its competitive advantage. As compensation expert Richard Henderson notes,To develop a competitive advantage in a global economy, the compensation program of the organization must support totally the strategic plans and actions of the organization.

compensation
Employee Motivation and Competition ACHIEVING EXTERNAL COMPETITIVENESS ACHIEVING EMPLOYEE CONTRIBUTIONS EQUITY

 A firm achieves external competitiveness when employees perceive that their pay is fair in relation to what their counterparts in other organizations earn. Read more: http://www.referenceforbusiness.com/ management/Em-Exp/EmployeeCompensation.html#ixzz2xPy6HtiZ

 Employee contributions equity is achieved when employees believe their pay fairly reflects their level of contribution to the organization. To achieve this aim, an organization must first establish a range of pay for each pay grade; it must then place each employee within that range based on his or her contribution to the organization. Read more: http://www.referenceforbusiness.com/manage ment/Em-Exp/EmployeeCompensation.html#ixzz2xPyK04xj