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.
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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