Performance Management and Compensation Management in HRM

75 Top MNC's Performance Management Best Practices

Performance management is a corporate management tool that helps managers monitor and evaluate employees' work. Performance management's goal is to create an environment where people can perform to the best of their abilities to produce the highest-quality work most efficiently and effectively.

Performance-management programs use traditional tools such as creating and measuring goals, objectives, and milestones. They also aim to define what effective performance looks like and develop processes to measure performance. However, instead of using the traditional paradigm of year-end reviews, performance management turns every interaction with an employee into an occasion to learn.

Compensation management, also known as wage and salary administration, remuneration management, or reward management, is concerned with designing and implementing total compensation package.

Compensation management is the practice of planning and distributing the overall pay and benefits package to a company's employees. This program ensures that a company's salaries and bonuses remain competitive within the industry and equitable within the organization. It also involves managing company benefit programs, ensuring the job classifications are up to date, risks are minimized, and the package meets the overall needs of employees and their families.

Learning outcomes from this Courses:

• Understanding Performance

• Fundamentals of Performance Management

• Performance Management System

• Performance Counselling

• Performance Management Process

• Performance Planning

• Understanding Performance Appraisal

• Performance Influencers

• Methods of Performance Appraisal

• Job and related concepts

• Degree Feedback

• Potential Appraisal

• Mentoring and Coaching

• Performance Monitoring

• Performance Measurement

• Career Development and Mobility

• Performance Management Implementation

• Ethics in Performance Management

• Performance Management in International Context

• Role of HR professional in performance management

• Understanding Compensation Management

• Foundation of Compensation Management

• Factors influencing Compensation Management

• Compensation and Job Evaluation

• Architecture of Compensation Management

• Designing Compensation

• Behavioural Dimension of compensation management

• Managing Performance

• Wages & salaries administration

• Performance reward

• Incentives and Fringe Benefits

• Stock Based Compensation

• Compensation and Business Environment

• Executive Compensation

• Challenges to compensation management

• Compensation for Flexible Workforce

• Legal framework for Compensation

• International Payment System