THE EFFECT OF ADVERTISEMENT ON THE SALES VOLUME OF FAST FOOD INDUSTRY ( A STUDY OF NIGERIAN BOTTLING COMPANY IBADAN)

Traditionally, compensation systems were designed to strictly reward employees based on the specific jobs they performed. Earlier researches have concluded that employees are the most important resource of the organization, and to satisfy customers, organizations must first satisfy their employee’s requirements. And also organizations have in the recent past experimented with this tradition as stated above and with increasingly varied forms of compensation based for example, on the market or on employee skills (Nebeker, 2021). In comparing the traditional system with the skill-based pay systems, the latter rewards employees for the array of skills they possess or the combination of different jobs they can do. Two employees doing the same piece of work could be placed on very different pay levels because one may possess more skills than the other. Which is quite different from the job based pay systems. The result-based system approach to compensation could however be a very good system to ensure that irrespective of the skills you possess, your compensation is only tied to your output, as proposed by one researcher by the name Aguinis (2017). It is not always true that only the employee who demonstrates the competencies desired will produce the desired output and that makes the argument by Aguinis (2017). Much heated debate has centered on the philosophical differences inherent in these systems and their purported benefits (Barrett, 2018) but few empirical researches have focused on comparing pay structures and outcomes (Gerhart and Milkovich 2019). They also noted that there is virtually no research on the consequences of skill-based and knowledge-based pay structures relative to more traditional job-based pay structures”. It will review works by other researchers on how managing the components of compensation influences performance. We will look at various definitions of compensation and performance and how performance can be measured or has been proposed to be measured by some researchers. In this review the researcher seeks to explore various works related to the study area on the relationship between compensation packages and their management and attempt to establish a relationship between that and the work outputs of employees. Compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship. The Journal of Global Business and Economics (2018) also defines compensation as “the combination of all cash incentives and the fringe benefits mix that an employee received from a company which constitutes an individual’s total compensation.” (Chabra 2021) refers to Compensation as a wide range of financial and non-financial rewards given to employees in exchange for their services rendered to the organization. According to him, it is paid in the form of wages, salaries and employee benefits such as paid vacations, insurance, maternity leave, free traveling facility, retirement benefits, etc. He indicated that the term 'wage' is used to denote remuneration to workers doing manual or physical work. Thus, wages are given to compensate the unskilled workers for their services rendered to the organization. Wages may be based on hourly, daily, weekly or even monthly bases. According to DeNisi and Griffin (2018) compensation is a reward system that a company provide to individuals in return for their willingness to perform various jobs and tasks within organizations. They further stated that relevant and commensurate rewards need to be provided to the employees so that they feel valued and their expectations on exchanging their skills, abilities and contribution to the organization are met. Compensation is the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. It is based on market research about the worth of similar jobs in the marketplace, employee contributions and accomplishments, the availability of employees with like skills in the marketplace, the desire of the employer to attract and retain a particular employee for the value they are perceived to add to the employment relationship, and the profitability of the company or the funds available in a non-profit or public sector setting, and thus, the ability of an employer to pay market-rate compensation. Compensation also includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and sales commission. It can also include non-monetary perks such as a company-paid car, stock options in certain instances, company-paid housing, and other non-monetary, but taxable income items. Compensation strategy is a general policy, designed to help an organization maximize the returns on available talent. The ultimate goal is to reward the right people to the greatest extent for the most relevant reasons