Compansation Management
Acknowledgment
I am very grateful to my lecturers, Specially Mr. Dilshard Perera and Mr. Dilon Gomez who gave successful lectures for us in module four of our PQHRM Course and also thankful to Mr. Shanaka Ferando who gave knowledge us to do proper case study.
And, certainly my deep appreciation is expressed to my wife (Mrs. Amilani Weerasinghe) for her love, understanding, support and patience to finish this assignment with care my loving Five and half months old daughter (Hesali Dihansa Sayumlee Jayaweera) without any disturbances and managing all day today works very well.
Also word of thanks goes to all my group members who discussed this topic with giving good ideas and support to do this assignment perfectly.
1.0 Executive Summary
Compensation is one of many human resource tools that organizations use to manage their employees. For an organization to receive its money’s worth and motivate and retain skilled employees, it needs to ensure that its compensation system is not an island by itself. Not only is it important for an organization to link compensation to its overall goals and strategies, it is important that its compensation system aligns with its HR strategy.
Smart, successful organizations do regular planning and evaluating of their compensation and performance appraisal systems. Because compensation is visible and important to employees, it is critical to consistently communicate a clear message regarding how pay decisions are made.
When we consider the case relates with “Serandib bank”, there are so many facts and figures to explain. It consist advantages, Disadvantages and Issues of rewards management system.
We know that there are main two types of rewards such as monetary and Non monetary rewards. The underlying the idea of monetary reward is that money is the most important motivating factor and cash or anything in the form of wealth is known as monetary rewards. Non financial rewards relate to social and psychological needs
I am very grateful to my lecturers, Specially Mr. Dilshard Perera and Mr. Dilon Gomez who gave successful lectures for us in module four of our PQHRM Course and also thankful to Mr. Shanaka Ferando who gave knowledge us to do proper case study.
And, certainly my deep appreciation is expressed to my wife (Mrs. Amilani Weerasinghe) for her love, understanding, support and patience to finish this assignment with care my loving Five and half months old daughter (Hesali Dihansa Sayumlee Jayaweera) without any disturbances and managing all day today works very well.
Also word of thanks goes to all my group members who discussed this topic with giving good ideas and support to do this assignment perfectly.
1.0 Executive Summary
Compensation is one of many human resource tools that organizations use to manage their employees. For an organization to receive its money’s worth and motivate and retain skilled employees, it needs to ensure that its compensation system is not an island by itself. Not only is it important for an organization to link compensation to its overall goals and strategies, it is important that its compensation system aligns with its HR strategy.
Smart, successful organizations do regular planning and evaluating of their compensation and performance appraisal systems. Because compensation is visible and important to employees, it is critical to consistently communicate a clear message regarding how pay decisions are made.
When we consider the case relates with “Serandib bank”, there are so many facts and figures to explain. It consist advantages, Disadvantages and Issues of rewards management system.
We know that there are main two types of rewards such as monetary and Non monetary rewards. The underlying the idea of monetary reward is that money is the most important motivating factor and cash or anything in the form of wealth is known as monetary rewards. Non financial rewards relate to social and psychological needs
References: IPM hand outs. IPM Student’s text book Module 04 – Compansation Management Case study