After reading this chapter, you should be able to:
- List the objectives, steps and challenges of compensation administration
- Explain the elements, types and theories of compensation
- Explain the concept of wages
- List the kinds of pay structure
- Elucidate the objectives of remuneration
- List the elements and criticisms of executive compensation
As on 31 December 2008, steel conglomerate Arcelor–Mittal had nearly 316,000 employees and 66 factories in 20 countries. Its compensation strategy aims at motivating the employees towards organizational goal accomplishment, encouraging them to develop their skills and competencies continuously, retaining those who achieve performance standards ...