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Compensation Questions

In: Business and Management

Submitted By skass101
Words 923
Pages 4

(i). What is the role of Compensation and Rewards in modern Organizations? 1. To attract capable employees to the organization. 2. To motivate employees towards superior performance. 3. To retain their services over an extended period of time. 4. To establish a positive corporate reputation. 5. To increase or maintain morale/satisfaction. 6. To achieve internal and external equity. 7. To reduce turnover and encourage company loyalty. 8. It helps in creating a solid human resource base in the organization which enhances the productivity, efficiency and overall quality in the organization. 9. It would help management in complying with various labour acts. 10. Offering of several types of insurances such as health, pension schemes, maternity leave, e.t.c, to workers relieves them from certain fears, as a result they work with a relaxed mind

(ii). Advantages of Fair Compensation System: 1. It will have positive impact on/ increases the efficiency and results produced by workmen. 2. Such system will encourage the normal worker to perform better and achieve the standards fixed. 3. It encourages the process of job evaluation. It will also help in setting up an ideal job evaluation, which will have transparency, and the standards fixing would be more realistic and achievable. 4. Such a system would be well defined and uniform. It will be apply to all the levels of the organization as a general system. 5. The system would be simple and flexible so that every worker/recipient would be able to compute his own compensation receivable. 6. It is easy to implement, so that it would not penalize the workers for the reasons beyond their control and would not result in exploitation of workers. 7. It will raise the morale, efficiency and cooperation among the workers. It, being just and fair would provide satisfaction to...

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