A Study Of Compensation Practices In Leading Corporate Retail Stores

Abstract

Compensation means the remuneration received by an employee for his services to the organization. Effective compensation management attracts and retains talented employees in the organization.  In the present competitive labor market, organizations need to leverage their human capital to keep up a competitive position. The reward system is primarily based on the employees’ performance and contributions to the company. In general, monetary or non-monetray compensation benefits are definitive in the organization and it matters a lot to the individual employees. Thus, the retail in particular is a service sector and growing rapidly in India. The massive growth creates competition among the retail organizations.  Therefore, a lot of demand is generated for skilled employees in this industry. To meet this demand, organizations have to offer good pay packages to their employees. With this important aspect, the current study has been taken up to investigate and suggest the corporate retail stores for implementing good compensation practices. The current study reveals the employees’ satisfaction levels on compensation practices followed by the leading corporate retail stores.