Compensation Management

The design of suitable and performance-based compensation systems is a key differentiation factor in the labour market and has a large impact on the attractiveness of employers. It is very important to find the balance between contentment and motivation with the right salary incentive.

Employees should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will also serve the need for attracting and retaining the best employees.

Compensation provided to employees can direct in the form of monetary benefits and/or indirect in the form of non-monetary benefits. Compensation does not include only salary but it is the sum of all monetary and non-monetary rewards and allowances provided to the employees in return for their efforts. If the compensation offered is effectively managed, it contributes to high organizational productivity.