Compensation Management

This report explains the importance of compensation management and provides five strategies to develop and execute equal wage levels internally and externally. It also gives five recommendations to manage salary to recruit, motivate, and retain people in the future. The subject is Compensation Management, and the course code and college/university are not mentioned.

Compensation Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
QUESTION1 : Explain any FIVE (5) strategies to develop and execute equal wage levels
internally and externally, using the aforementioned scenario or your readings as examples......3
QUESTION2: Provide Cornwell with FIVE (5) recommendations about how to properly
manage salary to recruit, motivate, and retain people in the future.............................................5
CONCLUSION................................................................................................................................6

INTRODUCTION
Compensation management includes payments like profit sharing overtime pay rewards
bonus in many more. Compensate is a very important portion of the human resources
management team that support the people to encourage the workers and improve organizational
effectiveness. It is very amended for the company to use compensation management in order to
motivate their workers towards the organization. This report going to illustrate about the
importance and significance of the compensate management and along with this the report also
going to explain the five ways through which the individual design and implement and equitable
salary levels internally and externally. Along with this report also provide 5 recommendation for
in order to manage compensation in order to attract motivate and retain the employees in the
organization.
MAIN BODY
QUESTION1 : Explain any FIVE (5) strategies to develop and execute equal wage levels
internally and externally, using the aforementioned scenario or your readings as examples.
From the above case study there are several ways to design and implement and equitable
salary level internally and externally. In this area when workers can discuss and compare their
pay inequality and their pay levels is becoming a major concern for the organization for stocks
pay levels must be disclosed in several Nation in order to encourage openness and
accountability. That is the reason it is very important for the organization to follow appropriate
physical activities and compensate management in order to motivate and inspired there people to
maintain consistency in the organization and get more positive outcomes.
External and internal pay Equity:
Fair compensation is made up of two parts: external equity and internal equity. Both are
important for attracting and keeping great people, but they need quite different management
methods.
Capital from outside sources: In comparison to the market, salary competitiveness. It is hard to
achieve equitable compensation without establishing suitable wage ranges for each position
based on industry and regional market data.

Internal pay equity: Within the company, equal compensation for equal effort. When
businesses use market data to determine pay ranges, they factor that information into their entire
compensation structure. Jobs of equal value are assigned to the same grade level, with the same
pay range, promoting equity. This ensures that employees inside a company are properly
compensated in comparison to one another. The specific tactics which are used by the above-
mentioned case study organization are mentioned below:
 Use market data to determine salary ranges that are externally competitive.
 Make use of data to verify that internal compensation is fair.
 To develop a good impression of compensation choices in the organization, create a
culture of pay transparency.
 It is very important for the company to compensate market study and make sure that the
organization and the corn well person staying up to date about the environment and also
about that what the external market is paying for the jobs at the store.
 Pay should be adjusted as needed. If a salary market research or internal analysis reveals
that some employees are underpaid in comparison to the market or their peers, be ready
to take appropriate action. Especially if wage disparities occur along protected class
boundaries.
 Along with this it is very important for the organization to analyze the hiring rates in the
Marketplace and adjust pay as needed.
Organization can ensure and keep up with quickly changing employment Market by employing
hr reported marketing data and ensure that their employees are paid fairly. To achieve pay
equity, you must consider four essential aspects of a job class: needed credentials, required
effort, responsibilities, and working circumstances. Employers and negotiating agents often
utilise a job evaluation system to accomplish this. Pay equity does not occur as a result of a one-
time initiative or evaluation. Internal and external equity must always be a top concern. The
contemporary worker expects to be compensated fairly and fairly, and your employees want to
work for a firm that values pay equity.
QUESTION2: Provide Cornwell with FIVE (5) recommendations about how to properly manage
salary to recruit, motivate, and retain people in the future.
From the above cases there is a few recommendation to the company and to the
individual to use properly and manage salary to recruit motivate and written people in the future.

As it is very important for the organization to motivate their employees in order to get more
positive outcomes and get more opportunities in order to become effective and successful in the
Marketplace. Cornwell is the person who is required to analyse the effective and amended
strategies in order to motivate and retain Their employees in the organisation so that they can get
more positive outcomes towards the organisation. Along with this it is very important for the
corn well to adopt ethical activities in the organisation and motivate their workers so that they
can work more harder.Attracting and keeping skilled workers is very important and difficult for
the organization. There are few steps and recommendation for the company which support the
company to enhance the satisfaction of the workers with their job and they help the company to
retain their people in the organization.
 It is recommended to the organization and to the people to provide the positive and
effective work environment in the organization. as the positive environment provide
several benefits towards the employees in order to get more positive outcomes. Positive
work environment and progressive work environment keeps their turnover rate much
effective. That is the reason it is very important for the company to maintain appropriate
environment at the organization and properly trained their managers and implement
appropriate strategy in order to maintain appropriate environment.
 Recognize reward and reinforce the right behavior. Money and advantages may attract
the individual to give their efforts and keep them from going out the back full stops
awards appreciation and the correct behavior motivate the people to work more harder in
order to get more bonus and compensate of their work. A successful and effective reward
and recognition program provide several kinds of benefits towards the organization in
order to enhance their capabilities and become more success in the Marketplace. Along
with it also enhance the motivation and encouragement of the employees in order to work
in the company.
 Involve and engage the people in the company in order to enhance the productivity of the
organisation. It is very important for the company to involve and engage their workers in
the organisation and their work in order to build relationship and contribute their ideas
and suggestions so that they can feel more valuable and motivated towards the company.
 Developer skills and potential is Very important for the organisation to provide
appropriate training to their employees in order to enhance their skills and their potential

in order to face the greatest challenges and overcome the threats and get more
opportunities for stop more trained and talented employees provide several kind of
benefits towards the organisation and also build their confidence in order to work more
harder and overcome the threats which are facing by the organisation.
These are the recommendation to the company to actively manage and compensate to attract
motivate and retain their workers in the organisation and get more positive outcomes. Along with
this it is very important for the corn well to adopt several kinds of Strategies and conducted
several appreciation and rewards program in order to retain more talented people in the
organisation and create several opportunities for the company in order to become successful in
the Marketplace.
CONCLUSION
From the above mentioned report it has been concluded that it is very important for the
corn will to implement amended strategies and identify the effective way to attract motivate and
retain Their employees in the organization in order to enhance their capabilities and get more
opportunities.

REFRENCES
Books and Journal
Angela, A., Purnama, S.E. and Oktavianti, O., 2020. The Effect Of Total Quality Management
On Employeeperformance With Compensation As Moderation Variable. JAK (Jurnal
Akuntansi) Kajian Ilmiah Akuntansi, 7(2), pp.134-147.
Aquila, A.J. and Rice, C.L., 2017. Compensation as a strategic asset: The new paradigm. John
Wiley & Sons.
Khan, A., 2021. EFFECT OF COMPENSATION ON EMPLOYEE SATISFACTION: The
Manufacturing Industry in Pakistan. RJ Journal of Business Management & Social
Sciences, 1(1).
Maisoni, H., Yasri, Y. and Abror, A., 2019. Effect of Organizational Culture, Leadership and
Compensation on Employee Engagement in Coca-cola Amatil Indonesia Central
Sumatra. Human Resources, 3, p.2.
Mutandwa, E., Grala, R.K. and Petrolia, D.R., 2019. Estimates of willingness to accept
compensation to manage pine stands for ecosystem services. Forest Policy and
Economics, 102, pp.75-85.