A STUDY ON THE IMPACT OF EMPLOYEE COMPENSATION POLICIES IN PRIVATE SECTOR
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Abstract
Employee compensation is payment made to employees in return for their work. This payment is offered in terms of monetary compensation like salary, allowances, medical benefits, conveyance, leave travel allowance, and bonus. Compensation can be offered in the form of non-monetary compensation like flexible timings, leave travel policy, overtime, insurance, holidays, etc. Most employers offer a compensation package that contains both monetary and non-monetary parts. In order to retain talent, organizations prepare a compensation policy that outline their approach to employee compensation. In this study carried out on a private company in Bangalore, an analysis was done of the various compensation policies followed by the organization and its impact. The impact of these policies on employee morale was examined. The factors related to compensation that satisfied employees was determined. The link between compensation and employee appraisal was also reviewed during this study.Employee compensation
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