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Compensation and Rewards HRM: 37:533:313 Spring 2018 Instructor: Class day/time:Professor San ghee Park, Ph.D. Tuesday/Thursday (Section 1) 1:403:00 Tuesday/Thursday (Section 2) 3:204:40Office: Email:Janice
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Start by gathering all relevant information such as employee names, job titles, and compensation plans.
02
Determine the compensation and reward structure for each employee based on their performance, job responsibilities, and market standards.
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Clearly define the components of compensation and rewards, such as base salary, bonuses, incentives, benefits, and recognition programs.
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Create a system or form to track and record employee compensation and rewards information accurately.
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Communicate the compensation and reward policies clearly to all employees and provide them with necessary documentation or guidelines.
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Collect and review performance data regularly to ensure fair and consistent application of compensation and rewards.
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Regularly review and update the compensation and rewards program to align with changing business needs and market trends.
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Seek feedback from employees on the effectiveness and fairness of the compensation and rewards program and make necessary improvements.
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Continuously monitor and evaluate the impact of compensation and rewards on employee motivation, satisfaction, and retention.

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Compensation and rewards are needed by all organizations that employ a workforce.
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This includes small businesses, large corporations, government agencies, non-profit organizations, and any other entity that relies on employees to carry out its operations.
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Compensation and rewards are essential for attracting and retaining talented individuals, motivating employees to perform at their best, and ensuring fair and competitive compensation practices.
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Employees also benefit from compensation and rewards as they provide financial stability, recognition, and incentive for their hard work and achievements.
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Compensation and rewards refer to the financial and non-financial benefits that employees receive from their employers in exchange for their work performance.
Employers are required to file compensation and rewards for their employees according to labor laws and regulations.
Employers can fill out compensation and rewards by accurately documenting and reporting all forms of compensation and rewards given to employees.
The purpose of compensation and rewards is to motivate employees, retain talent, and recognize their contributions to the organization.
Information such as salary, bonuses, benefits, incentives, and any other form of compensation or rewards given to employees must be reported.
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