Advertisements
Advertisements
Question
Explain the compensation function of Human Resource Management.
Solution
Compensation Function: It refers to providing equitable and fair remuneration to employees for their contribution to the attainment of organisational objectives. It consists of the following activities:
- Job evaluation: is the process of determining the relative worth of a job.
- Wage and Salary Administration: It implies developing and operating a suitable wage and salary programme. Surveys are conducted to determine the wage and salary structure for various jobs in the organisation.
- Bonus: It involves the payment of a bonus under the Payment of Bonus Act, 1965, as well as non-statutory bonuses and other incentives.
APPEARS IN
RELATED QUESTIONS
Explain the Compensation Function of Human Resources Department.
With reference to functions of Human Resource Management, explain procurement function.
Which function of Human Resource Management specifies that improvement in personality and interest is required to get maximum satisfaction from their work?
Which of the following is not the development function of human resource management?
It is the process of determining the relative worth of a job.
It is concerned with protecting and promoting the physical and mental health of employees.
______ is concerned with managing people at work.
"Human resource management seeks to achieve personal and social goals." Explain.
What do you mean by development function of Human Resource Management?
Distinguish between Human Resource Management and Human Resource Development.
