Question

Different between reward management from compensation management

Answer 1

Answer:

Compensation management is the act of distributing some type of monetary value to an employee for their work by means of the company's policy or procedures. ... Reward management consists of analysing and controlling employee remuneration, compensation and all of the other benefits for the employees.

Answer 2

Answer:

Explanation:

1)Reward Management-It consists of analysing and controlling employee remuneration, compensation and all other employee benefits.

Objectives of Reward Management are as follows:

-Support the organisation's strategy

- Recruit and retain

-Motivate employees

- Internal and External equity

- Strengthen psychological contract

- Financially sustainable

-Comply with legislation

-Efficiently administered

2)Compensation management-Compensation management include rewards when you offer monetary payments such as incentives and various bonuses. It is basically a strategic matter and refers to all forms if financial rewards received by the employees.

Objectives of Compensation Management.

-Acquire Qualified Personnel

- Retain Present Employee

- Ensure Equity

- Reward Desired Behavior

- Control Cost

- Comply with Legal Regulations

- Facilitate Understanding

- FURTHER Administration Efficiency