Compensation Management | Types of compensation in HR Management | Great Learning

Compensation management is the discipline for the establishment, formulation, and implementation of sound policies and practices of employee compensation. The actual meaning of compensation is to counter-balance. In human resource management, compensation is the remuneration given to an employee in exchange for their services or contributions to the company. It includes both traditional salary and non-cash incentives. In this video, you'll understand the importance, principles, and types of compensation in human resource management. You'll also understand the basics of executive compensation and the challenges of compensation management.