Compensation management deals with providing incentives to the employees for their best performance for the development of organization. These incentives are supposed to work as stimulating force for employees to work more. The main task of the compensation manager is to find out different forms of incentives that could lure the employees more other than money. Overall purpose for whole process is to push employees to more hard-work.
Those who are pursuing MBA or other management courses are asked to conduct such type of research and then write assignments on compensation management. Students first, find a topic for their research and then start working on it. By doing so they become proficient in the field for further difficulties in the field of management.
A compensation manager has to look after different types of incentives that could be provided to the employees for increasing their work output for the organization. The incentives could be in the form of:
These are the basic types of incentives an organization mostly offer to its employees for pushing them towards doing hard-work. Many other types of incentives are being devised over the period of time by compensation management team, for instance shopping gift vouchers to the employees. These vouchers could be used by the employee to buy anything of his choice through online and retailers store.
Depending upon the type of employees, compensation management decides their strategies for incentives to the employees. These incentives and their types vary for different types of employees. For example employees like office boy who has small salary have less interests in luxury holiday as compared to the employee of a high dignity. A profile analysis is made by the compensation manager and depending upon that data incentives are given to the employees. Sometimes they are given in proportions like 50% financial incentives and other 50% in the form of medical insurance or cab facility, based on the individual employee.
The success of any business is derived from the satisfaction of its employees. Business parameters show that if the employees of an organization are not happy with the management or company, it could results into a big slap for the business success. The best way to keep the employees happy and satisfied is to give them regular appreciation for their hard work through incentives of their choice. If they are not getting the rewards they expect from the organization, by and by their interest in working for the success of company will gets lowered. This shows the importance of compensation management for business growth.
For compensation management assignments, choose a type of organization for example it could be a business organization. Jot down all the important types of incentives that could be given to the employees of this particular organization. While selecting the types of compensation, make sure that it is going to improve or raise the performance of employees. Once you have finished with primary research, start writing your assignment with a brief introduction about the employees. Put your strategies for increasing employees’ performance in the main body. Finally conclude the assignment with a suitable end.
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