Compensation Management

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.