THE COMPENSATION MODEL OF PAYMENT FOR LABOR IN A SOCIALLY ORIENTED ECONOMY

Abstract

The article examines compensation model of labor in today's market economy. This method of remuneration has a significant impact on the company's employees and increase the company's profits and profitability by compensating its employees. The idea of compensatory management arose in the context of a complex, increasingly competitive global economy in which all enterprises focused on the profitability and efficiency of their production. The formation of a system of rewarding workers based on their labor productivity level is a key factor that encourages the effective work accomplishments of the team.