By: Michael Wesche
Human Resource Management
shew 6, 2012
Human Resource Management has never been as remarkable as it is today. Companies want to attract, retain and actuate there workers to find out the companys objectives. Today Humans are regarded as one of every companys assets so they pick out to be efficient and managed correctly. One of the tools companies use to attract, retain and motivate its people is Compensation Management. All of the worlds biggest companies chief executive officers all(a) live their establish and severance pay negotiated long before they are hired and fired in which some cases is a good affaire and in opposite cases its a bad thing.
Lets hypothesise you own a business, you hold in hired three gross revenue persons and a receptionist. The salespeople are responsible for looking after all the sales. The receptionist is responsible for looking after all the overall money and managing the account books. Your eventually going to get bigger and relieve oneself to hire to a greater extent people as your business gets more successful.
Would the three salespeople and the receptionist work for free? No they are alike every red blooded American and expects something in return. Everyone has hear the common phrase give and take you always have to give something to someone that you take something from.
Compensation is the same thing but in fiscal terms. Compensation is basically the monetary value you give your employees in return for their services on a daily basis. You have two types of compensation Direct as in wages, salaries, commissions and bonuses. Then you have indirect which is your benefits your licitly required benefits include social security which is what you pay into with separately check towards retirement or disability, unemployment compensation is insurance provided to workers who have been terminated through no fault of their own for 26 weeks until they find a new job, workers compensation is insurance in case you get hurt on the job and takes make out of you medical...If you want to get a full essay, order it on our website: Orderessay
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