Importance of compensation management - compensation management - Manu Melwin Joy

Importance of compensation managementCompensation Management

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Manu Melwin JoyAssistant Professor

Ilahia School of Management Studies

Kerala, India.Phone – 9744551114

Mail – [email protected]

Importance of compensation management

• Compensation plays a

pivotal role in effective

management of human

resources, which is crucial

to the competitive

advantage of

organizations.

Importance of compensation management

• It is essential for

integrating employee

efforts with

organizational goals

and objectives.

Importance of compensation management

• It is part of sound people

management framework

for recruiting, selecting,

socializing, performing,

developing and

maintaining a capable and

motivated workforce.

Importance of compensation management

• It has social

implications as poorly

paid employees are

likely to indulge in

social unrest and

undesirable activities.

Importance of compensation management

• It is a management tool

for controlling and

directing employee’s

productive energies for

improving organizational

competence and

performance.

Importance of compensation management

• It helps in generating a

talent pool.