Definition It refers to the reward orcompensation given to the employeesfor their work performance . Remuneration leads to motivation. Salaries effect on the employeesproductivity and work performance.
Components of Employeeremuneration The remenuration packets of anemployee include wages/salary, incentives , fringe benefits, prequisities and finally non monetarybenefits.
Wages /Salary Wage is the payment given toemployee . Salary include allowances and alsoannual increment. Wage is the hourly rate of employeeby the employer pay while salaryrefers to monthly rate pay .
Incentives Incentives are addition to regular wagepayment incentives depend onproductivity sales , profitconsiderationefforts etc. The purpose behind this incentives isto encourage motivate employees totake more interest in work and inaccording to the results get incentivesas incentives are payment by results.
Fringe benefits These are monetary benefits providedto employees these include :1.provident fund2.gratutiy3.medical care4.hospitalization payment5.accident relief
Cont….d6.health hand group insurance7.subsidized canteen facility8.recreation facility9.provision of uniforms to employees
Prequities These are special benefits offered tomanager The purpose is to retain in competentexecutives by offering some specialbenefits it includea. company car for travellingb.club membership.c.paid holidaysd.accomdatione. Stock option scheme.
Nonmonetary benefits They include:a.comfortable working conditionsb. impartial promotionsc. support to workers facing specialproblemsd. provision of welfare facilities toemployees
Wage payment system They are two basic system of wagepayment these are1. time rate system2.piece rate system
Time rate system Under this system remenuration isdirectly linked with the time spent byan employee on patticular job
Piece rate system It is a method in which remenurationpaid on the basis of number of units orpices produced by an employee .
Advantages to company A well designed compensation planand benefits to company in followingways: Job satisfaction Motivation Low absenteeism Low turnover.
Advantages to employees Piece of mind Increase of self confidence.
Role of hrm in remenuration Hrm devolps policies on salaries andother benefits to employees forderiving commitement to theorgansiation. Hrm tries to offer economic benefits.
External factors Labour market Cost of living Labour union Government legislations The society The economy
Internal factors Buiness strategy. Job evaluation and performanceappraisal The employee.
Hr practices in TCS A violate global economy and dynamicmarket conditions have compelled hrfunctions to reduce costs, maximizeoperational efficiency and focus onstrategic initiatives. it is delivered with minimal risk andcontrolled costs.
Tcs advantages they provide hr services in threemodels Integrated host technology andsevices on a process as a servicemodel. Customer preferred enviromentfollowed by transactional services.
Cont…d Transactional services on customerowned technology enviroment. it results in sigiinificant cost reductionsand enhances your hr process
T c s provides Tcs offering focuses on processacross the whole spectrum of hrservices1. recruitment and resourcing2.work force administration3.compensation and benefits.4. performance and learning.5.payroll and time.
Cont..d Tcs hr services are backed by industryexperience , hr expertise and globalcoverage They provide comprehensivetraditional and enabled multi processservices that are specially designed toallow you to consecrate on your corebusiness activities.
Cont..d These process are the enabled by thefollowing range of tools , methodologiesand activities under well orchestratedgovernance model:1. service delivery model2.It and infrastructure3.Process and transformation tools4.Analytics and third party vendormanagement.
Business value Consolidation and transformation of multipledisparate HR systems and processes on TCS’Global HR Platform, resulting in up to 50% increasein productivity, over 30% reduction in costs andreal-time HR insights and analytics Up to 40% cost savings on in-scope processescombined with 100% compliance to agreed servicestandards Significant measurable improvements in employeesatisfaction within 6-12 months
Hr practices in IBM Is a new employee orientation classdesigned to help the employees hit theground running as they begin theircareer at IBM. IT help understand the companys corevalues, rich heritage of technologyleadership, Innovation, and theimportant role employees are beingasked to play as the company continueto drive growth and innovation.
Competencies These competencies set a common standard ofexcellence across the organization and form thebasis of people development within IBM. They will also help to focus the learning time ondeveloping the characteristics identified -- andvalidated -- as being key to achieving success. IBM compensation and benefits are among the verybest in the industry.
Type of payments Base payment Variable payment Commission &incentive payment Stock options Awards and recongistion
Career at IBM The employees of IBM who haveaccess to On Demand Workplace,have access to a variety of websitesand tools to effectively manage careerand build expertise, which includes:1.e-learning,2.global campus ,3.carriersites and tools,4.academic learningassistance programme.
IBM Values Dedication to every clients success. Innovation that matters - for ourcompany and for the world. Trust and personal responsibility in allour relationships.