Performance Management and Compensation Management in HRM

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 PerformanceFundamentals of Performance ManagementPerformance Management SystemPerformance CounsellingPerformance Management ProcessPerformance PlanningUnderstanding Performance AppraisalPerformance InfluencersMethods of Performance AppraisalJob and related conceptsDegree FeedbackPotential AppraisalMentoring and CoachingPerformance MonitoringPerformance MeasurementCareer Development and MobilityPerformance Management ImplementationEthics in Performance ManagementPerformance Management in International ContextRole of HR professional in performance managementUnderstanding Compensation ManagementFoundation of Compensation ManagementFactors influencing Compensation ManagementCompensation and Job EvaluationArchitecture of Compensation ManagementDesigning CompensationBehavioural Dimension of compensation managementManaging PerformanceWages & salaries administrationPerformance rewardIncentives and Fringe BenefitsStock Based CompensationCompensation and Business EnvironmentExecutive CompensationChallenges to compensation managementCompensation for Flexible WorkforceLegal framework for CompensationInternational Payment System.