Compensation For Human Resources : Establishing Efficient Pay Plans

2941 Words Dec 4th, 2014 12 Pages
Compensation in Human Resources

Christopher Dukes

Management 312
Dr. Karp
December 4, 2014 Compensation in Human Resources: Establishing Efficient Pay Plans
Abstract
This paper goes in depth to explain the field of compensation in human resources and the importance of establishing efficient pay plans. several different factors that effect pay rates, importance of job evaluations, how to create a pay plan, trends in compensation and the different types of pay plans will all be discussed thoroughly throughout this paper. The topics of incentives will be discussed with respects to compensation. All in all, after all of the following topics are discussed thoroughly, a complete analyzation of compensation and efficient pay plans will be completed.

It is no secret that the world of business is one that is extremely competitive. When dealing with compensation or any type, or form of pay in reference to an employee, such aspects as productivity, retention, recruiting and operations are all topics that need to be explored in order to fully understand their fundamentals. When dealing with effective pay rates and compensation a human resource manager must be adequate and effective in order for operations of a company to operate smoothly and successfully. Competitiveness of a market can greatly affect by the management of compensation within a corporation. The following example can be used to illustrate this concept- when a large corporation relocates to an…
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