Impits And Definitions Of Compensation And Benefits

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Compensation/Benefits

o Definition: compensation/benefits programs are monetary payments that provide wage replacement benefits, medical treatment, vocational rehabilitation and other benefits in order to attract competent employees and improve the quality of their work life.

o Scope: goals of compensation polices include rewarding employees` past performance, remaining competitive in the labor market, maintaining salary equity among employees, motivating employees` future performance, maintaining the budget, attracting and retaining new talent and reducing unnecessary turnover.

o Workplace Implementation: job analysis must be conducted, job identification must be identifies and job description must be written in order to plan and design
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Performance Management

o Definition: It is a process by which managers and employees work together to plan, monitor and review an employee's work objectives and the overall organizational goals.

o Scope: it helps the organization to become more efficient by motivating, training, rewarding and promoting employees. It serves a strategic purpose in linking employee functions with the organization`s vision, mission, goals and strategic plan.

o Workplace Implementation: PI specialists identify all the stakeholders, conduct needs analysis and gap analysis, develop a performance culture, develop training materials and plan the organization`s performance measurement system using a business language in the communication between employers and employees.

Key Performance Indicators (KPIs)

o Definition: they are business quantifiable metric used to evaluate factors that are vital to the success of an organization. KPIs can be net revenue or a customer loyalty

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