Discuss the objectives of employee compensation programs, and describe the various pay systems and fringe benefits in business.

Discuss the objectives of employee compensation programs, and describe the various pay systems and fringe benefits in business.

Expert Solution

The objectives of the employee compensation programs are -

1 - To motivate them to work more effectively towards the achievement of the goals.

2 - To encourage them to work for obtaining the better positions in the business.

3 - To make their future secure when they leave the job.

All the employee compensation programs mainly aim at the above objectives to solve various employee problems and provide them with good incentives.

Various compensations are - Bonus on sales , commission , overtime allowance , festival bonuses , provident fund , old age pensions , gratuity , children education allowance , house rent allowance , various medical allowances etc are the various kind of employee compensation items. These boost up the morale of the employees and make them feel job secure.

Rahul Sunny answered 2 years ago

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