Advertisements
Advertisements
Question
Explain the compensation function of Human Resource Management.
Advertisements
Solution
Compensation Function: It refers to providing equitable and fair remuneration to employees for their contribution to the attainment of organisational objectives. It consists of the following activities:
- Job evaluation: is the process of determining the relative worth of a job.
- Wage and Salary Administration: It implies developing and operating a suitable wage and salary programme. Surveys are conducted to determine the wage and salary structure for various jobs in the organisation.
- Bonus: It involves the payment of a bonus under the Payment of Bonus Act, 1965, as well as non-statutory bonuses and other incentives.
APPEARS IN
RELATED QUESTIONS
What are the managerial functions of HRM?
Discuss the Operative functions of HRM.
Which function of Human Resource Management specifies that improvement in personality and interest is required to get maximum satisfaction from their work?
Justify the following sentence for or against and give a reason:
The function of Human Resource Management is advisory in nature.
______ are the number of people working in an organisation together with their knowledge, skills, experience, attitudes, motivation and potential.
Which of the following is a procurement function of human resource management?
Which of the following is not the development function of human resource management?
It is the process of studying in detail the operations and responsibilities involved in a job so as to identify the nature and level of human resources required to perform the job effectively.
Distinguish between Human Resource Management and Human Resource Development.
Which of the following is a development function of human resource management?
