Question

Explain the objectives of compensation-cum-reward system. Describe the compensation system of any organization you are aware of. Discuss the psychological basis of rewards. Briefly describe the organization you are referring to. 

22 Feb 2023
Answer :
Word Count : 604

The compensation-cum-reward system is a key element of an organization's human resource management strategy. The objectives of this system are to attract, retain, and motivate employees by providing them with financial and non-financial incentives.

The financial component of the compensation-cum-reward system includes base salary, bonuses, and benefits such as health insurance, retirement plans, and paid time off. The non-financial component includes recognition, awards, and opportunities for career growth and development.

One organization that has a comprehensive compensation system is Google. Google is known for offering highly competitive compensation packages to its employees. Google's compensation system includes:

Base salary: Google pays its employees competitive base salaries that are commensurate with their experience and expertise.

Stock options: Google offers stock options to its employees, which can be a significant source of wealth if the company performs well.

Bonuses: Google provides bonuses to its employees based on their performance and contribution to the company's _________ _____ _________ __________ ____.
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