MBA Journals Peer-reviewed management research from Consortium e-Learning Network

NOLEGEIN Journal of Performance Management & Retention Strategies

Compensation Management at Heritage Company

  1. Vangaveeti Lakshmi Keerhana
  2. Kiran Kumar Thoti

Abstract

Human Resources (HR) is the division of a company that is responsible for finding, selecting,recruiting, and training job applicants, as well as managing employee benefit programs.Compensation management is often referred as salary and wage administration. Human resourcemanagement department designs compensation policy. Organizations can be competitive if theyupdate their compensation package according to market conditions. Standard human resource policygives high priority for better compensation package. The parameters considered while designingcompensation management are job responsibilities, experience, company budget and job market.Human resource managers design compensation strategy through scorecard. Pay equity can beattained with competitive compensation package.

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