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Question
Explain the Compensation Function of Human Resources Department.
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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: It 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 wage and salary structure for various jobs in the organisation.
- Bonus: It involves payment of bonus under the Payment of Bonus Act, 1965, as well as non- statutory bonus and other incentives.
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