Compensation Management is one of the most important part of Human Resource Management (HRM). Every single stake holder in an organization is primarily interested about compensations and that keep them motivated. Compensation management is a complex and debatable area that has been extensively discussed both at practical and theoretical levels by many experts in this field. Students studying different courses on HRM are often given assignments on compensation management. These types of assignments are too tough to accomplish within deadlines. Hence, students seek help from BookMyEssay for expert guidance. This assignment help service provided is extremely popular in internet for their most professional compensation management assignment help service. They employ expert writers for this purpose who have years of professional experience in working as HR experts and handling compensation issues in different industries.
The ultimate goal of compensation management is to reward right people with right pay packages so that they feel extremely motivated to work for the organization. While fixing compensation for the employees, it is very important to look at the matter both from management and employees’ perspective. It is necessary keep both of them in win-win situation. Management will want to keep an employee highly productive and profitable for the company, while the employee will look for the best ‘deal’. The importance of compensation management increases manifold when an organization employs highly talented people as professionals.
The perfect compensation management policy confirms that the best talents remain with the organization while attracting new talents simultaneously and minimizing turnover as much as possible. In this highly competitive market, retaining dedicated and talented professionals is a challenge to any HR department of any organization. They need to work in close liaison with the other departments, particularly accounts department to make the compensation management system easier and effective in favor if the company.
It is evident that compensation management in a well-structured and well-managed organization follows a definite process. Once a company is ready to hire employees, they need to draw a process to recompense those employees. The following steps are necessary for creating a right compensation management process –
Thus, fixing compensation is a complex job where the professionals involved are expected to have highest level of knowledge and experience on the field. These days, IT is immensely helping HR professionals to making these process more appropriate and need-based.
It is obvious that through these kind of assignments examiners try to see how prepared their students are in dealing with real world situations. In fact, students feel extremely nervous while completing these assignments. Multiple of issues appear, above all lack of knowledge and experience on this topic bother them the most.
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