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MU0015 COMPENSATION AND BENEFITS Question: - 1 what do you mean by Compensation Management? Explain the non- compensation dimensions. Answer: - Compensation Management
Compensation in its simplest form is the payment that one gets for the work done by him either on full time or on part time basis. The issue of compensation has always been a critical issue for both the employer and the employee. Money is a crucial incentive and can be directly or indirectly stated as a medium of fulfilling human needs.
In words of I. Kessler, a renowned compensation manager, “compensation
management refers to payment refers to payment system which determines
employee wage or salary, direct or indirect rewards”.
Compensation dimensions Pay for work and performance:
This includes short-term monetary payments made on weekly, monthly and annual periods in form of awards or bonuses to allow employees to make payment for their desired product and services.
Pay for time not worked:
It has been observed from past experience that the number of days worked per year and the number of hours worked per week have decreased.
Disability income continuation:
An employee becomes unable to perform his normal dulties when he incurs some health or accident disabilities. Medical, surgical and hospital bills creates an additional burden for him in addition to his ongoing self and family expenditure.
Different types of programmes, like savings plans, social security, employer-provided pension plans, annuities, and supplemental income plans provide after retirement income to the employee.
Spouse (family) income continuation:
In compensation, there are some plans, which are designed to provide the dependents of the employee with income source in case of his death or permanent disability to work.