Compensation Management Employee Management Essay

1. COMPENSATION MANAGEMENT In employment contract, the most important term is the remuneration package that goes with labour service. According to International Labour Organization (ILO), describes remuneration as payment system based on effort, productivity and performance. In actual facts remuneration refers to salary or wage and all allowances and financial benefits payable to a worker either in kind or cash in return for his price of labour. In actual facts, employees work or labour to procure rewards for their performance and inversely the exchange of labour for financial rewards (incentives, pay and benefits) in formal compensation. Pay is the main compensation an employee derives which can come in the form of wages or salaries; incentives includes commission, bonus, profit sharing plans, piece work, rewards, fashioned-out to encourage and reimburse employees for being a member of that organization. It can be in the form of medical treatment, vacation, etc. CRITICAL EVALUATION Personal Life What is good for the geese is also good for the gander. As an employee in HavannaSpecialist Hospital and as I expect and have been experiencing a wonderful compensation management from the management, I do my best in also transferring this people who are under me in my home, a little chemist shop I established and in other functions I see myself. In my house, I make sure I review every six months of the salaries I give to my housemaid. I add 12.5% of the basic salary to her everyShow MoreRelatedAssessment of the Practice and Problems of Compensation, Employee Motivation and Morale: in the Ethiopian Management Institute (Emi)‚Äà ®Addis Ababa, Ethiopia.4197 Words   |  17 PagesAssessment of the Practice and Problems of compensation, Employee Motivation and Morale: in the Ethiopian Management Institute (EMI)—Addis Ababa, Ethiopia. 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