What is the meaning of compensation management?

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Pay Review
How many of you reading this blog have a piece of paper that you can lay your hands on, one with the heading, “Compensation Strategy”? Do you have any idea if such type of document exists in your company? Pay Review explain about that topic.

Compensation is a tool used by management to make more joyful workplaces. Compensation policies can be accustomed according to the business requirements, goals, and existing resources.

Compensation strategies can be used to:

  • hire and retain top performer employees.
  • increase the satisfaction level of employees.
  • reward and recognition programs to inspire peak performance.
  • achieve internal as well as external equity.
  • lessen turnover and boost company loyalty.
  • adapt practice of transparent payment policies.

Why it is must to have compensation strategy in your organization?

  • Helps to increase the motivation of employees
  • Keep a competitive edge for recruitment
  • Legal Compliance
  • Employee Loyalty
  • Increased Productivity


Building up a compensation plan isn’t a simple task but on the other hand, it is a very vital task of HR staff. Irrespective of how you plan your employee compensation strategy – whether it be by time span, designation, individual positions, or some other way –  ensure you have one for your association development.



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