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Concept of Recruitment and Compensation Processes

The recruitment and compensation are two very important and interlinked functions in

for any organization. Whereas recruitment is the of selecting the right candidate for a

particular job, compensation deals with providing the recruited person with the

remuneration he deserves for doing the job allotted. Now let us understand taking one

at a time

Recruitment

The recruitment starts with planning for the work force required; after planning chooses

for source and method of recruitment; analyzing the cost involved; implementation of

the recruitment process; selection and training; and evaluation.

First, the recruiter plans for the requirement of workforce according to the organizational

structure, the forecasts it has made for the requirements a head and the forecasts of theworkforce available from different pools in hand; and also it will plan for who will be the

people in the pool for succeeding in the organizational ladder, which is known as

succession planning

Then second, it will have to be decided whether to recruit from the external pool of

candidates or should be going for the pool within the organization

After deciding for the choice of pool it will have to decide what will be the method for

selecting the right candidate from the pool, what amount should be from which pool

either internal or external, that will have to be decided in accordance with the forecasts

made in the planning phase of the process. The cost involved with the particular method

too will have to be looked in to before going for the particular method otherwise the

recruitment may cost us more than what it should have.

Now when the method has been decided the basic implementation of the recruitment

starts in, which generally follows following steps:

Floating Information for the job offerings

Collection of CVs

Processing of CVs

Calling for interview

Feedback and Offer

Commencement and retention

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Compensation relates to the money received in return to the performance of work.

Money is incorporated comes under direct compensation where as reimbursement

comes under in direct compensation which accents for incorporate life, health and

accidental insurance, pay towards illness or holydays and the employers share to

retirement of the employee.

Compensation can be strongly colligated to the effort and services provided or a job

done. Compensation can be correlated to the fruit for the employees strong persistent

and vigorous hard work.

The entire concept of compensating cant be just throttled towards pecuniary

remuneration it can also be sited to the extra facilities ammonites and the perks

rewarded for the additional input provided by the employee. Compensation or reward

plays a pivotal role in a business organization. Among the four Ms that is man machine

material and money; man acquires utmost importance and hence a business process

without man will not be more than a quixotic envisage. The implementation of keystrategies of any business activity inherently requires employees and hence a better

compensation would entail improved performance from the respective employees.