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 the workforce 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

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 key strategies of any business activity inherently requires employees and hence a better compensation would entail improved performance from the respective employees.