Compensation Management
Compensation Management is one of the best online Compensation courses. Compensation should be viewed as wage and salary management on a strategic level. Internal and external equity are the goals of compensation management. Internal equity dictates that pay be proportional to a job's relative value, so that similar jobs are compensated similarly. Paying workers what other firms in the labor market pay comparable workers is referred to as external equity.
Efficiencies are reflected in efforts to link a portion of wages to productivity or profit, group or individual performance, skill acquisition and application, and so on. It can be achieved by having a high level of employment and low inflation. It implies that employees will relocate to the location where they will make the most money. Market rates are influenced by supply and demand, as well as general shifts in pay levels. The value attached to different jobs determines the salary relativities between jobs within the organization.
Pay is a primary motivation for employees to work. It could be the only reason for some people. It is, for the most part, the means by which you meet your own and your family's needs. Compensation is also crucial to a company's success. It accounts for a significant portion of spending. Compensation is also important in the economy's operation.
Who this course is for:
- Working professionals
- Management
- Managers and Supervisors
- Finance professionals
- Human Resource Staff
Requirements: No prior knowledge is required
Course ratings: 5.0/5
Enroll here: https://www.udemy.com/course/compensation-management/
