{"id":55171,"date":"2017-05-16T16:09:17","date_gmt":"2017-05-16T10:39:17","guid":{"rendered":"http:\/\/www.vskills.in\/certification\/tutorial\/?p=55171"},"modified":"2024-04-12T14:20:20","modified_gmt":"2024-04-12T08:50:20","slug":"payroll-manager-tutorial-compensation-management","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/","title":{"rendered":"Payroll Manager Tutorial | Compensation Management"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png\" alt=\"Compensation Management\" class=\"wp-image-95550\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure><\/div>\n\n\n<h3>\u00a0<\/h3>\n<h3><strong>Compensation Management<\/strong><\/h3>\n<p>Let&#8217;s learn more about Compensation Management. It is an activity by which organizations evaluate the contributions of employees in order to distribute fairly, direct and indirect monetary and non monetary rewards within the organization s ability and legal regulations.\u00a0 \u201cIt can be defined as the financial and non financial rewards provided by an employer for the time, skills and the effort made available by the employee in fulfilling job requirements aimed at achieving organizational objectives.\u201d Wage:\u00a0 wage refers to hourly rate or daily rate of pay it is the most frequently used pay basis for production and maintenance employees (blue collar workers) generally; wage earning employees are paid only for the actual hours of work.<\/p>\n<p>The three specific forms of compensation are pay, incentives, and benefits.<\/p>\n<ul>\n<li><strong>Pay:<\/strong> It is the basic compensation an employee receives usually as a wage or salary<\/li>\n<li><strong>Incentive:<\/strong> it is the compensation that rewards an employee for efforts beyond normal performance expectations. Bonus, commission, and profit sharing plans are incentives<\/li>\n<li><strong>Benefit:<\/strong> It is additional compensation to an employee as part of organizational membership. Health insurance, pension, vacation pay are benefits.<\/li>\n<\/ul>\n<h4><strong>Components of Total Compensation: <\/strong><\/h4>\n<p>An incentive or a \u2017reward\u2019 can be anything that attracts the worker\u2018s attention and stimulates him to work.<\/p>\n<ul>\n<li>Macroeconomic Compensation:<\/li>\n<\/ul>\n<p>Develop a program that recognizes the lifestyle and standard of living of all employees.\u00a0 To survive in a complex, competitive global economy, all organizations, private and public must be able to focus on the effective and efficient delivery of the products they are designed to offer. A key factor in promoting effective delivery of essential goods and services is the provision of a performance based remuneration system for all workers. Compensation Management provides a step by step approach for designing a remuneration system that recognizes job requirements; employee related knowledge and skills and performance related incentives that link individual, team, work unit, and organization performance. Total remuneration also includes a host of benefits that protect and expand the lifestyle and health of workers and their families.<\/p>\n<p><a href=\"https:\/\/www.vskills.in\/practice\/payroll-manager\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-95472 aligncenter\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Export-Import-Foreign-Trade-Professional-75.png\" alt=\"certified payroll manager free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Export-Import-Foreign-Trade-Professional-75.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Export-Import-Foreign-Trade-Professional-75-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/certified-payroll-manager\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href=\"https:\/\/www.vskills.in\/certification\/payroll-manager-certification\" target=\"_blank\" rel=\"noreferrer noopener\">Go to Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Compensation Management Let&#8217;s learn more about Compensation Management. It is an activity by which organizations evaluate the contributions of employees in order to distribute fairly, direct and indirect monetary and non monetary rewards within the organization s ability and legal regulations.\u00a0 \u201cIt can be defined as the financial and non financial rewards provided by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[6326,14],"tags":[],"class_list":["post-55171","page","type-page","status-publish","hentry","category-payroll","category-human-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payroll Manager Tutorial | Compensation Management<\/title>\n<meta name=\"description\" content=\"Enhance and Upgrade your compensation management for better career opportunities. Become a Certified Payroll Manager Now!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payroll Manager Tutorial | Compensation Management\" \/>\n<meta property=\"og:description\" content=\"Enhance and Upgrade your compensation management for better career opportunities. Become a Certified Payroll Manager Now!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Tutorial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vskills.in\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-12T08:50:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/\",\"name\":\"Payroll Manager Tutorial | Compensation Management\",\"isPartOf\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png\",\"datePublished\":\"2017-05-16T10:39:17+00:00\",\"dateModified\":\"2024-04-12T08:50:20+00:00\",\"description\":\"Enhance and Upgrade your compensation management for better career opportunities. Become a Certified Payroll Manager Now!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#primaryimage\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png\",\"contentUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png\",\"width\":750,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Payroll Manager Tutorial | Compensation Management\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#website\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\",\"name\":\"Tutorial\",\"description\":\"Vskills - A initiative in elearning and certification\",\"publisher\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.vskills.in\/certification\/tutorial\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#organization\",\"name\":\"Vskills\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg\",\"contentUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg\",\"width\":73,\"height\":55,\"caption\":\"Vskills\"},\"image\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/vskills.in\/\",\"https:\/\/x.com\/vskills_in\",\"https:\/\/www.linkedin.com\/company-beta\/1371554\/\",\"https:\/\/www.youtube.com\/channel\/UCMWnscxPwRF_PqXo9B7q_Tw\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Payroll Manager Tutorial | Compensation Management","description":"Enhance and Upgrade your compensation management for better career opportunities. Become a Certified Payroll Manager Now!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/","og_locale":"en_US","og_type":"article","og_title":"Payroll Manager Tutorial | Compensation Management","og_description":"Enhance and Upgrade your compensation management for better career opportunities. Become a Certified Payroll Manager Now!","og_url":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/","og_site_name":"Tutorial","article_publisher":"https:\/\/www.facebook.com\/vskills.in\/","article_modified_time":"2024-04-12T08:50:20+00:00","og_image":[{"url":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png","type":"","width":"","height":""}],"twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/","url":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/","name":"Payroll Manager Tutorial | Compensation Management","isPartOf":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#primaryimage"},"image":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#primaryimage"},"thumbnailUrl":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png","datePublished":"2017-05-16T10:39:17+00:00","dateModified":"2024-04-12T08:50:20+00:00","description":"Enhance and Upgrade your compensation management for better career opportunities. Become a Certified Payroll Manager Now!","breadcrumb":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#primaryimage","url":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png","contentUrl":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Selenium-Professional-51.png","width":750,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/payroll-manager-tutorial-compensation-management\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.vskills.in\/certification\/tutorial\/"},{"@type":"ListItem","position":2,"name":"Payroll Manager Tutorial | Compensation Management"}]},{"@type":"WebSite","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#website","url":"https:\/\/www.vskills.in\/certification\/tutorial\/","name":"Tutorial","description":"Vskills - A initiative in elearning and certification","publisher":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.vskills.in\/certification\/tutorial\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#organization","name":"Vskills","url":"https:\/\/www.vskills.in\/certification\/tutorial\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/","url":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg","contentUrl":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg","width":73,"height":55,"caption":"Vskills"},"image":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/vskills.in\/","https:\/\/x.com\/vskills_in","https:\/\/www.linkedin.com\/company-beta\/1371554\/","https:\/\/www.youtube.com\/channel\/UCMWnscxPwRF_PqXo9B7q_Tw"]}]}},"_links":{"self":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages\/55171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/comments?post=55171"}],"version-history":[{"count":9,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages\/55171\/revisions"}],"predecessor-version":[{"id":95555,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages\/55171\/revisions\/95555"}],"wp:attachment":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/media?parent=55171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/categories?post=55171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/tags?post=55171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}