Abstract:
One of the most important aspects of personnel management is compensation management. It includes economic rewards such as wages and salaries and non-wage economic payments such as fringe benefits, indirect compensation, and supplementary pay. People in an industrial society where paid jobs are common seem to prefer monetary remuneration. Money can be used to purchase necessities; it can also be used to purchase power and social status, and it can be used as a motivator to work. Money is the only motivator for jobs that are neither challenging nor interesting, or that do not require much training and skill and do not offer a long-term career. A person in a paid managerial position typically has some motivation that drives him to
spend his day at work.
