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Employee compensation systems are generally developed and administered by "HRM specialists", and pay increases and promotions are usually recommended by "line managers".
What is Employee compensation systems?
Giving employees money in exchange for their work is a systematic process known as compensation. Incentives can help with hiring, work happiness, and performance, among other things.
The purpose of a compensation system is-
- To recruit new employees and keep the ones you already have working for your company are your compensation's main objectives.
- Compensation is also utilised to boost morale and encourage individuals to perform to their highest potential.
- Paid time off, disability insurance, stock option plans, health insurance, life insurance, and services like financial counselling are a few examples.
To know more about the technologies helps to improve employee efficiency, here
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