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Thomason , classified reward package in three categories. It focuses on two elements of remuneration which are directly related to performance.

These are the basic pay rate and any additional bonus which is paid for individual or group performance above this standard. It is however, worthy to note that there are often a variety of payment systems within one employing organisation, each system being appropriate to a particular group of employees which have come into being as part of a conscious management strategy. In doing so, an employing organization has to be aware of its objectives in relation to the use of pay as a control mechanism, the constraints which apply to its choices, the financial objectives of its employees and their representatives and the relationship of the payment system or systems to the total personnel policy of the organisation, Torrington Jump to: navigation , search.

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Concept of compensation and reward, compensation dimensions, system o…

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7 Keys To An Effective Compensation Strategy

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Compensation, Benefits & Reward Management

No notes for slide. Human Resource Management: Reward and compensation 1. A sum of money offered for the detection or capture of a criminal, the recovery of lost or stolen property. Something given or received in return or recompense for services, merit hardship 3.