Compensation management is the discipline for the establishment, formulation, and implementation of sound policies and practices of employee compensation. The actual meaning of compensation is to counter-balance. In human resource management, compensation is the remuneration given to an employee in exchange for their services or contributions to the company. It includes both traditional salary and non-cash incentives. In this video, you'll understand the importance, principles, and types of compensation in human resource management. You'll also understand the basics of executive compensation and the challenges of compensation management.
🔹 Topics Covered:
00:00 - Introduction
02:52 - Agenda
04:12 - What is Compensation Management?
09:30 - Objectives of compensation management
15:09 - Principles of compensation management in HRM
19:21 - Why is compensation management important?
23:20 - Types of compensation in HR management
28:08 - What is a compensation plan?
32:40 - Compensation management process
35:48 - Challenges of compensation management
38:52 - Executive compensation
41:10 - Summary
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