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Compensation System – A Mode to Access Monetary Value , Jul 2018

By : Abram Scharf Posted July 19, 2018 Reading Time: 2 minutes
No. of views: 25

Intro to Compensation Management System

In general, compensation means to provide someone with something to fulfill his/her loss. But is the business world, compensation means a systematic approach to calculate and provide employees with monetary value in exchange of their services. It is very important term for the business world as it serves several purposes like assistance in recruitment, job performance and appraisal etc. Compensation management assignment help from various writing companies are being happy to assist you when you want to know more.

Compensation practices needs thorough knowledge of everything which is related to financial matters as it maintains a balance between different operations of the company to fiscal budget. It is necessary to maintain a balance so to attracting, developing, retaining and rewarding employee staff in the form of salaries or wages. Today the markets face many changes hence to keep a business stable during these changes; one has to manage his/her compensation strategy perfectly.

Is there Any Change in Old Compensation Management System?

The compensation system faced lots of changes and hence come up with new strategies and techniques for the betterment of the employees and companies too. Therefore, todays’ compensation system has come from a long journey. As the business world facing lot of environmental and behavioural changes, employees too wanted some changes in old compensation system. They knew their rights and responsibilities so asked for accurate wages and salaries.

Old Compensation Management System

In earlier times, employees were taken as guaranteed. They were supposed to work hard and need to obey their boss’ order if they want to be retained in their positions. They were entitled to job-security, salary increments and promotions but on the will of the boss. There was no fix slab of salary it was fixed on the basis of employees’ experience and job work. It was totally related to monetary values.

Positive Changes in Prevailing Compensation Management System: –
  • Evolution of labour and trade unions which can now demand for their rights and privileges.
  • Consider not only monetary values but also provides employees with psychological, safety, self-actualization and social needs.
  • Assign with decision taking powers now.
  • Their performance is now measured on the basis of organizational and individual performance.
  • It is so simple even an employee can compute his own compensation receivable.
  • It is very simple to execute and it doesn’t support exploitation of employees.
  • It tries to motivate and encourage employees who are best in their work with best strategies.

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Compensation management system is a deep – rooted system as it handles the employees of whole organization thus it assignment help online must be of high quality. There are several online portals who mark themselves as best of all but words are not enough in this field. Hence, one must go with right and accurate portal.

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