Before knowing about compensation management one must know the labor laws of the country which are governing employees compensation or remuneration system international labour organisation (ilo) made conventions on labour welfare especially on regularly in payment of wages & salaries with minimum pay for stipulated working hours. Human resource management is the process of recruitment, selection, training, appraising performance, compensating, maintaining relationships, looking welfare, healthy and safety measures of employees and compliance with labour laws of the land. Human resource means people, shortly called as hr human resource is one of the crucial resources and regarded as assets of an organization in order to perform certain tasks, duties and responsibilities in a job entrusted by the management so as make an organisation productive.
Factors influencing employee remuneration a number of factors influence the remuneration payable to employees they can be categorized into (i) external and (ii) internal factors human resource management(hrm) evaluation approaches methods of settlement of disputes recent posts what is globalization positive & negative impacts of. Theories of compensation in order to understand which components of remuneration are more effective, we need to understand the conceptual framework or theories or employee remuneration three such theories are reinforcement and expectancy theories, equity theory and agency theory four basic functions of human resource management 92. A human resources (hr) manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $73,000 based on 1,934 salaries.
However, remuneration of employees is a factor that is always not beneficial or even feasible for the human resource department and has its cons for instance, it is a method of compensation in which remuneration is paid on the basis of units or pieces produced by an employee. Human resource means people, shortly called as hr human resource is one of the crucial resources and regarded as assets of an organization in order to perform certain tasks, duties and responsibilities in a job entrusted by the management so as make an organisation productive human resource can also be called as manpower, employee, workforce, jobholder or personnel.
Remuneration leads to employee motivation salaries constitutes an important source of income for employees and determine their standard of living salaries effect the employees productivity and work performance thus the amount and method of remuneration are very important for both management and employees. Theories of compensation in order to understand which components of remuneration are more effective, we need to understand the conceptual framework or theories or employee remuneration three such theories are reinforcement and expectancy theories, equity theory and agency theory.
Human resources managers plan, direct, and coordinate the administrative functions of an organization they oversee the recruiting, interviewing, and hiring of new staff consult with top executives on strategic planning and serve as a link between an organization’s management and its employees. The human resource management function — the employment cycle • employment arrangements and remuneration maintenance phase: • induction • training and development • apply human resource management knowledge and concepts to practical and/or simulated situations. Employee remuneration refers to the reward or compensation given to the employees for their work performances remuneration provides basic attraction to a employee to perform job efficiently and effectively.
Remuneration benefits remuneration and benefits normally known as a compensation programme is a typical hrm function hrm should focus on using a compensation programme as a tool for effective utilisation and management of human resources to achieve organisational objectives. Keywords: employee remuneration in hrm, remuneration in hrm this is the 21st century and we human beings, are living in a world which has diversified in all its aspects the present era has witnessed immense growth and development in all fields, taking into consideration the trend of globalization.