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Compensation Management - Coggle Diagram
Compensation Management
Definition
- Systematic approach to designing employee compensation
- Includes salary, bonuses, benefits
- Aligns with company strategy and market standards
Why is it Needed?
Fairness and Compliance - Internal Equity: Fair pay within the organisation - External Equity: Benchmarking pay to industry standards
Supports Organisational Goals - Links rewards to strategic objectives - Ensures financial sustainability through payroll management
Attract, retain, and motivate talent - Competitive compensation reduces turnover - Performance-based rewards boost morale
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NWC vs. PWM
Scope
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PWM: Sector-specific, mandatory regulations
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