Compensation Management
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Abstract
Compensation is more than just salary and wages. It is a planned, integrated system of determining what and how people should be paid. A compensation program includes several elements among which are wages, salaries, benefits, cash incentives, bonuses, equity incentive plans and perquisites. The management and administration of a compensation program includes determining the worth of a position, both to the company and on the competitive market and determining the worth of a person's performance. The elements of a compensation program and the relationship' between the variables that determine compensation are shown in Fig. 13.1. KeywordsPension PlanPerformance AppraisalIncentive PaymentCompensation ManagementIncentive PlanThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.