EMPLOYEE PERCEPTION ON COMPENSATION STRUCTURE PRACTICED IN ELECTRONIC INDUSTRY

DOI: https://doie.org/10.1101/Nerj.2024583819

Sowmya.S, Dr.S.Vijayarani, Kirthika.B, Asmitha.R, Nandha Kumar.S, Mr.Raghavkrishna.K

Keywords:

Compensation, claims, Monetary, bonuses, Non-Monetary.


Abstract:

This Study is about Employee perception on Compensation structure practiced in data patterns. Compensation Management is an integral part of the management of the organization. Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation in HRM refers to all the monetary and non-monetary rewards an organisation provides to its employees in exchange for their work. This can include base salary, bonuses, commissions, benefits, and other perks. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. The objective of this study is to analyze the employee satisfaction towards monetary and non-monetary compensation and to analyze whether compensation structure is based on performance of the employee. The findings of this study is that employees accepted the organization’s effort in providing benefits and compensation to the employees. From the result of this study, it is inferred that there is no correlation between compensation necessary to stay long term and individual performance necessary for compensation structuring. This study on based on survey of the employees it is suggested that Monetary types of compensation with competitive industry standards will make the employees more satisfied, Providing employees with structured compensation makes them to stay long term in the organization and Performance of employees can be conducted quarterly to increase productivity, By this analyzation employees can be recognized and rewarded. Based on the overall findings of the present study, it can be concluded that employees prefer monetary compensation like bonus, incentives, rewards and also non-monetary compensation like medical claim, health insurance. The current compensation package available in this industry has a positive effect on employees.


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