Types of Rewards
Reward system of a company should also be in alignment with its goals, objectives, mission and vision. On the basis of the job profile, both monetary and non-monetary rewards can…
HRM – Rewards and Recognition
Employee rewards and recognition system is not just a positive action towards employees. If it is implemented effectively, it proves to be an efficient tool in encouraging the employees to…
Components of Compensation
Compensation as a whole is made up of different components that work as an aid for an employee after retirement or in case of some accident or injury. Now we…
Types of Compensations
We have learnt about what compensation and its importance is. However, when it comes to an organization, be it private or public, compensations are further divided into the following −…
Importance of Compensation Management
A good compensation is a must for every business organization, as it gives an employee a reason to stick to the company. An organization gains from a structured compensation management…
Objectives of Compensation Policy
The objectives of compensation policy are as follows − ● Allure suitable staff. ● Keep qualified personnel. ● Develop reward structures that are equitable with logical and fair pay relationships between differently valued…
HRM – Compensation Management
Let's start our discussion of Compensation Management with a simple question: "What is compensation?" In very simple terms, compensation is the results or rewards that the employees receive in return for their…
Working on Low Morale
Some employees suffer from lack of morale or low morale. Leaders can help unsatisfied, poor performers with low morale become more disciplined, satisfied and willing to perform assigned tasks without…
Coaching
One of the ways to improve an employee’s performance is through coaching. Coaching can be defined as a non-judgmental and interactive process that helps the manager and employee create a…
Employee Performance Reviews
One of the frequently used tools to develop employee performance is the annual performance review. Companies don’t necessarily follow a fixed format for accessing employee performance. Individual businesses require choosing if a…
