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The Bureau of Labor Statistics, [3] like the International Accounting Standards Board, [4] defines employee benefits as forms of indirect expenses. Managers tend to view compensation and benefits in terms of their ability to attract and retain employees, as well as in terms of their ability to motivate them.
Compensation (psychology) In psychology, compensation is a strategy whereby one covers up, consciously or unconsciously, weaknesses, frustrations, desires, or feelings of inadequacy or incompetence in one life area through the gratification or (drive towards) excellence in another area. Compensation can cover up either real or imagined ...
Reward management consists of analysing and controlling employee remuneration, compensation and all of the other benefits for the employees. Reward management aims to create and efficiently operate a reward structure for an organisation. Reward structure usually consists of pay policy and practices, salary and payroll administration, total ...
Compensation and benefits. Compensation and benefits ( C&B) is a sub-discipline of human resources, focused on employee compensation and benefits policy-making. While compensation and benefits are tangible, there are intangible rewards such as recognition, work-life and development. Combined, these are referred to as total rewards. [ 1]
Equity theory focuses on determining whether the distribution of resources is fair. Equity is measured by comparing the ratio of contributions (or costs) and benefits (or rewards) for each person. [ 1] Considered one of the justice theories, equity theory was first developed in the 1960s by J. Stacey Adams, a workplace and behavioral ...
Managerial psychology is a sub-discipline of industrial and organizational psychology that focuses on the effectiveness of individuals and groups in the workplace, using behavioral science. The purpose of managerial psychology is to aid managers in gaining a better managerial and personal understanding of the psychological patterns common among ...
Personnel psychology is the area of I-O psychology that primarily deals with the recruitment, selection and evaluation of personnel, and with other job aspects such as morale, job satisfaction, and relationships between managers and workers in the workplace. [2] It is the field of study that concentrates on the selection and evaluation of ...
An incentive is a powerful tool to influence certain desired behaviors or action often adopted by governments and businesses. [ 4] Incentives can be broadly broken down into two categories: intrinsic incentives and extrinsic incentives. [ 5] Overall, both types of incentives can be powerful tools often employ to increase effort and higher ...