What is the remuneration management?
remuneration management concerns the way in which salary is processed in the organization. The problem of remuneration management is mainly solved by the department of human resources that work in Tandem with the Ministry of Account for most medium to large organizations. It includes various types of remuneration and incentives for work in the form of salaries, bonuses, insurance and pension plans and benefits and contributions. Reward management is a very important part of the company's company's company and strategic plan, as the right formula or a combination of remuneration ensures that the company can hire and maintain the best employees with the right human capital needed to move forward.
Some well -established companies use the remuneration principles at the expense of other smaller companies. Such companies are able to lure the best in various fields with attractive reward packages that smaller companies simply cannot submit. For example, a telecommunications company could invest in human capitalOut workers through various training and education and help them gain knowledge and experience in their fields. Then the new telecommunications company can open its doors for business in the same environment and attract the most experienced, more experienced and trained workers from the previous using a well -managed reward package.
Another way in the company is an important remuneration package is to use as motivation to motivate workers or employees for greater efforts to achieve set goals. For example, the company could offer bonuses to certain employees who meet a predetermined goal for the financial year. Companies must also decide how much they can afford to pay their employees by reflecting their expected profits in connection with their past profits. This reward management principle can be seen in a sports procedure where players are purchased and oBased on their perceived value for a team or club and how much he hopes to acquire the club from the player's skills.
Other aspects of remuneration management include benefits such as paid company accommodation, cars, holidays and other benefits. All of these problems must be taken into account in planning or designing remuneration for employees. This must include a clear definition of employees' levels in the organization and the type of remuneration packages that can expect at different levels.