This academic essay is about Fairness in reward allocation. Every worker in an organisation tries to compare their efforts as well as earned rewards with all others who work with them in similar work conditions in the organisation.
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This academic essay is about Employee Fairness In Compensation Management . Every worker in an organisation tries to compare their efforts as well as earned rewards with all others who work with them in similar work conditions in the organisation. Workers, who all work for getting rewards and recognition from their company, are usually motivated by a need to be very much equitable and treated at the same way in work. When we consult Equity theory is allows to focus on the importance which is attached by workers to the fairness in which the managers work with them when compared to others. Employee Compensation is the major cogin the company’s strategy. It always has an effect on attracting as well as retaining all the employees as well as making sure that they give their best possible performance while meeting their company’s goals. Also, when we look at the economic importance associated with employee compensation, it should help the company to maintain an effective and balanced cost structure so that it can compete effectively as well as efficiently in all of its product/service markets. In this essay, we will look at solving multiple queries like how much importance does organisational fairness (or organisational justice) is in employee compensation management. We will also look at the roles which is played by company fairness plays in employee reward allocation. We will also look at the factors which will influence the implementation of a system in which fair human resource management practices work for reward allocation. At the end, we will also look at how much influence does a fair reward distribution can have on workers work outcomes(Tekleab, Bartol and Liu 2005).