Compensation Management at Heritage Company

Abstract

Human Resources (HR) is the division of a company that is responsible for finding, selecting,
recruiting, and training job applicants, as well as managing employee benefit programs.
Compensation management is often referred as salary and wage administration. Human resource
management department designs compensation policy. Organizations can be competitive if they
update their compensation package according to market conditions. Standard human resource policy
gives high priority for better compensation package. The parameters considered while designing
compensation management are job responsibilities, experience, company budget and job market.
Human resource managers design compensation strategy through scorecard. Pay equity can be
attained with competitive compensation package.