To survive in a complex, competitive global company all organization (Public & Private) must be able to focus on the effective an efficient supply of goods and service. A key factor in promoting effective delivery of goods and service is provision of a performance base compensation system to the employees.
Many Author have defined compensation which are mentioned below1. Dale Yoder: “Compensation is paying people for work.”
2.Benham: Compensation is the value of work of the employees according to the agreement between employer and employee.
3. John Dunlop: Has explained the concept of the compensation wages from three stands points:
(a) Wages determind the standard of volume of service of employees of market.
(b) compensation Influences distribution of employment of industries, firms and professional organization
by impact on cost.
(c) Compensation has performed some important activities like supply of active media through which
technological facilities have been scattered through the economy.
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