Compensation refers to all forms of financial returns and tangible benefits that employees receive as part of an employment relationship. Beyond this pure economic exchange model, compensation may also be viewed as (a) a system of rewards that motivates employees to perform; (b) a critical communication device through which organisations convey and reinforce the values, culture, and the behaviours they [...]
Competency Mapping is a process of identifying key competencies for a company or institution and the jobs and functions within it. Competency mapping is important and is an essential exercise. Every well managed firm should - have well defined roles and list of competencies required to perform each role effectively. Such list should be used for recruitment, performance management, promotions, [...]
The term incentive means an inducement that motivates or stimulates one to action in a desired direction. Therefore, any wage system that induces a worker to produce more is called "incentive wage system." Incentive wage is a monetary inducement offered to employees to show the performance beyond the standard fixed. Incentive is one of the important factors for inducing and [...]