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Component of
compensation management
1. Salary
2. Benefits
3. Incentives
Compensation
Is what employees receive in
Compensation (Contd)
Without adequate compensation,
Forms of compensation
Direct Financial Compensation
Forms Of Compensation
(Contd)
Nonfinancial Compensation
Objectives in compensation
management
To help the organization achieve strategic
Objectives in compensation
management (Contd)
Acquire qualified personnel
Retain current employees
Ensure equity
Reward desired behaviour
Control costs
Facilitate understanding
Ensure equity
Compensation management
Control costs
A rational compensation system helps
Facilitate understanding
The compensation management