Compensation Management Assignment Help
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.
What is compensation management?
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.
The compensation management process
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 –
- Budget allocated – Before fixing salaries for employees, it is necessary to understand the budget allocated for that purpose. HR deferment needs to know how much money they are allowed to spend on recruitment.
- Need of dedicated HR professional – Compensation management is an ongoing process. Also, it needs highest level of expertise to build attractive pay package for the employees within the allocated budget. Big organizations have a department accountable for this purpose with a management team comprising of personnel from finance, HR and marketing supervising process. But, in start-up businesses, it is the owner who needs to look at the entire affair for the time being.
- Analyzing the responsibility attached with the job – While fixing compensation, it is necessary to analyze the job, the responsibility attached with it, its expanded responsibilities, risk attached with the job and how the competitors in the market are paying for the same kind of job.
- Deciding on parameters for different compensation packages – It is obvious that everybody is not going to get similar compensation package. Deciding on different levels and parameters for different packages are necessary both for better management and keeping talents in the organization. Employees would like to see how their career will prosper in the organization.
- Approving the packages – Once deciding the packages, it is necessary to get approval from the top management and other departmental heads. Packages needs to be reasonable, attractive and as per prevailing market standard.
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.
Problems students face while dealing with assignments
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.
Help extended by writers
BookMyEssay provides most qualifies writers to guide the students who are struggling hard with compensation management assignments. These talented writers make the job of academic assignment writing easier and perfect for the students.
These writers are trained to show extreme professionalism in their jobs by adding the following values –
- Unique approach for each assignment.
- 100% plagiarism free assignments.
- Adherence to guidelines accompanying each assignment.
- Using correct referencing styles.
- Submitting the jobs within deadlines.
Features of BookMyEssay
Not only the writers, but the entire team of BookMyEssay engaged in this service extends their helps to keep a student completely de-stressed. Here are some other mention-worthy aspects of this organization –
- 24×7 help desk service.
- Affordable prices.
- Emergency service when delivery of assignment is expected within a few hours.
- All sorts of assignment service including dissertations writing and case studies.
- Free of cost review and editing service.