Compensation Management Practices and Policies of Excel Technologies Ltd
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Excel Technologies Ltd. is one of the foremost ICT company in Bangladesh. It has recognized a robust foothold all the way through this competitive market. Since its establishment within the year 1999, the business is trying their best within the most pragmatic manner to present excellence in products and services to its clients that suits their significance faultlessly. I have structured this report on the basis of 10 weeks realistic experience at Excel technologies ltd. This internship program helped me to grasp the realistic circumstances of compensation policy. I have prepared this report based on compensation system of Excel Technologies ltd, how their strong and efficient compensation policy amplify efficiency and motivate the workforce. We know that Compensation Management is a prearranged practice that involves analogous the work-employee relation by providing monetary and non-monetary reimbursement to employees. reimbursement includes payments like bonuses, share , overtime pay, recognition rewards and sales commission. The strategy of compensation is the exceptionally major piece of the inclusive HR Strategy to sustain the company spirited and prosperous. alternatively, the strategy is crucial to maintain the organizational budget under the control and to keep up the jobs in the right pay grades. The remuneration or bonuses are imperative for the enthusiasm of employees and managers. generally, the motivation is not about the compensations, except it should sustain the common motivation framework in the organization. yet the simplest managers within the world aren't geared up to keep highly motivated teams, when the compensation policy isn't in line with the work market. The employees typically know the usual levels of salaries in the industry and when the organization is below the median or the average, it has to recompense the difference in other area. But, when the gap is not negligible, the compensation by a dissimilar motivation tool does not work and the employees commence to feel demotivated as they get no different value for their effort. Moreover the report consist recommendations and conclusion according to my point of view, which I suppose would more develop the compensation policies of the organization if implemented.
- HRM