ABSTRACT
We are living in a knowledge economy in which ideas are the currency contributing to wealth generation. Research and development, inventions and innovations are the prime determinants of success and all these happen through human knowledge. Therefore, human resources are today considered as the most important contributors for the growth and success of organizations. Organizations are engaged in a war for quality human resources and for members of the top management, talent management is a prime focus area. An organization requires qualified, skilled and motivated employee to achieve its objective efficiently. Employees to be compensated suitably for their efforts. Compensation is the sum of all rewards provided by an employer to his employees for their efforts. It plays an important role in motivating employees towards better performance. Wage and salary administration is the group of activities involved in the design, implementation and maintenance of a compensation system. It is a systematic approach to ensure that employees are paid in a fair, logical and equitable manner. A good wage and salary administration should be able to attract and retain employees in an organization. Since employees moral, motivation, productivity and their relationship with the management more or less associated with the compensation management system.
Keywords: Administration, Compensation, Remuneration
Received : 11th February 2022 Accepted: 23th February 2022 Published: 26th March 2022
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