A Study on Employees' Perception towards Compensation Management System in Selected Branches of SBI of Ujjain District

Employee satisfaction is one of the most important aspects in the organization that cannot be ensured without proper compensation management system. The present work is based on the study of Compensation Management System in selected branches of SBI. SBI being the largest nationalized bank needs strong compensation management systems so that it can achieve rapid growth at national as well as international level. The study aims at knowing whether current compensation policy is able to attract, retain & motivate employees or not, whether it is effective, whether the present employees are satisfied with current compensation policy or not, whether quality compensation policy is being maintained in SBI or not. Most of the employees feel that the present compensation policy is able to attract, retain and motivate employees. It is found that overall employee satisfaction with the current compensation policy of the bank is low. Psychological and self-actualization needs of employees are not satisfied properly. It is found that most of the employees feel that there is no match between individual objectives and objectives of compensation of bank. 35% employees are not satisfied with the quality of compensation policies. There is a proper Job Evaluation Plan at workplace and also employees feel satisfaction with current methods of compensation. There is effective audit procedure to check effectiveness of compensation policies. Staff in Bank is aware of the importance & needs for effective compensation policy. It is found that needs for compensating employees are not identified on the basis of market trend and competition. Key words: Employees' Perception, Compensation Management System, SBI