HRM Index

Hi All,
afetr getting conformation from my seniors in the organisation i have logged in to this site. I hope in this site i wil get proper guidence chich will be legelly correcr.
so hey Uall Experts, here i am starting one & the first query of mine.
Is there any differance b/w compensation mngt & payroll? If yes plz clarify that!Also i m having lot of Qs. which i will ask to you all experts.
weighting for reply,
thank You,
Ersh

Dear Friend,

Diff. b/n CM & PM:

Compensation Management is about designing compensation structure: Salary range for each level/band/grade if those exists in the company, or else for each job what compensation can be payable without affecting organization's commercials. It deals with fixing up salary,benefits,allowances etc everything.

Payroll Management deals with attendance maintenance, salary calculation, maintaining payroll records, deductions,TDs,tax planning etc.

To say in a simple sentence Payroll Management process is prior to talent acquisition & Payroll Management is post acquisition.

Get back to me for any further clarifications.

Regards,
Srihari Koripalli,
Knowledge Catalyst,
IndianHRstreet,
www.indianhrstreet.co.in.