How management is facilitated by compensation strategy?
Answers
Compensation strategy is used by the companies to manage the benefits and pay of the employees. This strategy defines the rules and ways to determine and manage the payment and compensation. Health, retirement, tuition benefits and benefits other than salary are written down.
Management is facilitated in this case as a proper budget is allocated, salaries are decided, benefits including salary and apart from salary are discussed.The performance of an employee is measured or estimated and a proper umbrella structure is maintained.
Answer:
"Associations utilize a remuneration methodology to characterize how it sees and oversees representative pay and advantages.
The system fills in as a guide and ought to be illustrated in a composed archive that plainly verbalizes the association's way to deal with overseeing representative remuneration.
A compelling remuneration system persuades current representatives and is utilized as an apparatus to draw in new ones.
Individuals regularly consider pay simply pay. Be that as it may, the all out expense of representative remuneration incorporates each part of worker benefits.
This incorporates the expense of medical advantages, retirement benefits, educational cost repayment, rewards or some other non-pay advantage that is viewed as a component of an absolute pay bundle."
Explanation: