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MANAGEMENT PROCESSES

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MANAGEMENT PROCESSES
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  ILISAN REMO OGUN STATE   BABCOCK UNIVERSITY   COMPENSATION MANAGEMENT AND ITS IMPACT ON ORGANIZATIONAL PERFORMANCE   NNOROM GOODLUCK KELECHI 07/0403  INTRODUCTION    •  For an organization to meet its obligations to  shareholders, employees and society, its top management must develop a relationship between the organization and employees that will fulfill the continually changing needs of both parties. •  At a minimum the organization expects employees to perform reliably the tasks assigned to them and at the standards set for them, and to follow the rules that have been established to govern the workplace. Management often expects more:  • that employees take initiative, •  supervise themselves, • continue to learn new skills, and • be responsive to business needs.  At a minimum, employees expect their organization to provide fair pay, safe working conditions, and fair treatment (Beer, Spector,  Lawrence, Mills, & Walton, 1984) as cited in  Reena and Shakil (2009).    CONCEPTUAL FRAMEWORK    WHAT IS COMPENSATION? Schuller (1975) as cited in Nmadu (1999) says that compensation is the activity by which organizations evaluate the contributions of employees in order to distribute fairly direct and indirect, monetary and non-monetary rewards within the organizations’s  ability to pay and legal regulations.    WHAT IS COMPENSATION MANAGEMENT? Compensation management is a segment of management or human resource management focusing on  planning, organizing, and controlling the direct and indirect  payments employees receive for the work they perform.
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