Performance management and compensation

1. Performance management and compensation
Compensation planning is taking new shape with the revolutionary changes in economic
condition. Smart companies have realized that retention and successful recruitment
highly depend upon the pay structure and better understanding of the working group. A
better planned compensation program results in high morale, which leads to better
performance, while generating more engaged workgroup.
Good Compensation management program makes sure that compensation given is
directly linked to delivered performance. This can be done by providing reward to the top
performers as well as enhancing the workforce productivity without any budget overrun.
Through proper compensation planning the compensation managers can implement and
model one of its kind compensation programs to reward the top performers whilst driving
the performance of the company. Hence, it is very important and crucial for a company.
A standard compensation management system is an automated, powerful product to
administer and build flexible compensation plans. Being a self service web based system;
it can be implemented with iota of training. Nowadays World Wide Web has made it
globally deployable and hence increasing the workforce productivity around the
globalized world.
Benefits through good compensation planning-
o It reduces administration by saving your money, time and resources through
replacement of manual processes, streamlining of compensation planning whilst relieving
Human Resource department from administration of every days.
o A compensation management system containing good compensation plan enhances the
performance of the employee by delivering world-class technology to make a plan which
directly knot the performance of the employee to the corporate goals.
o Retention is improved through rewarding top performers with long term and short term
incentives which is based on complex or discretionary, compensation plans based on
policies.
Different ideas for Compensation planning are available online and hence out of varied
options it becomes difficult, which one to choose. One of the best known is Plateau
compensation that has all the essential features, including multiple currency support,
flexibility etc. You must visit plateau.com to know more about its product on
compensation management. The compensation resource centre of Plateau is well
equipped with the right compensation strategy for your business. Here you can also
access the most recent information on compensation comprising press articles,
whitepapers, datasheets, upcoming events and case studies too. For more information

2. visit plateau.com, the best platform for all your needs related to compensation and much
more.
http://performanceappraisalebooks.info/ : Over 200 ebooks, templates, forms for
performance appraisal.