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Payroll

In: Business and Management

Submitted By albertr224
Words 3416
Pages 14
HRM: It is one of the functions perform in the organization which facilitates the most effective use of people to achieve the organization’s goals. HRM

Managerial functions Operative funtions POSDCORB -Employment (Planning, Organising, Staffing, Directing, -Compensation Cooperating, Reporting & Budgeting) -T&D -Human Relationship -Problem Solving COMPENSATION: Compensation is the remuneration received by an employee in return for his/her contribution to the organization. (or) Compensation is the sum total of monetary and non-monetary pay provided to an employee by an employer in return for his work performed. (The reward or the remuneration given to the employee for his employment .) COMPENSATION Monetary Non monetary (By means of case this benefit given to the employees) -The services provide employees
Monetary benefit; 1.Salary/wages 2. Incentives 3. Fringe benefits 4.Allowances 5.Conveyance

Non-Monetary benefit; Facility for Higher education, Holiday trips, Flexible timing, Hospitalization, Ventilization...

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