Compensation Management

Compensation management in industrial relations refers to the systematic approach organizations use to determine employee pay and benefits. It ensures that compensation is fair, competitive, and aligns with company goals while taking into account market conditions and labor laws. This involves evaluating roles, setting salary structures, and adjusting compensation to attract and retain talent. Effective compensation management also promotes positive employee relations by fostering a sense of value and equity, helping to reduce disputes and enhance workplace morale. Overall, it balances the needs of the organization with the expectations of employees.