Discuss The Importance Of Compensation Management

ABSTRACT
Every individual who is born on this earth has to earn his living for the survival. The term survival means fulfilling the needs such as food, clothing and shelter. All this basic necessities can be fulfilled only when you slog for your livelihood, i.e. INPUT=OUTPUT it says getting monetary rate for your inputs to fulfill all your supplies. The moment we say monetary value the conventional approach is either to be an entrepreneur or work for some public or private firm.
Most of the people join service to boost their subsistence and also to amplify Monterey value that they receive in the form ofsalary for their contribution. The term compensation talks about the salary or monitory aspects which are given to an employee as a reward

• It imparts a positive control on the efficiency of employees and encourages them to perform better and achieve the specific standards.
• It forms a basis of happiness and satisfaction for the workforce that minimizes the labour turnover and confers a stable organization.
• It augments the job evaluation process which in turn helps in setting up the more realistic and achievable standards.
• It arouses an environment of morale, efficiency and cooperation among the workers and provides satisfaction to the workers.
• It stimulates the employees to perform better and show their excellence.
• It provides growth and advancement opportunities to the deserving employees.

Compensation programs have three primary design

.How to select the best out of numerousto boost their morale? Employers have to be very careful while selecting and introducing the components as it will ultimately reflect in your final performance. As per the needs of your employees, organization and the industry in which you operate should be considered as it will offer competitive