Humres infosheet5

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Humres infosheet5

  1. 1. Compensation and Benefits
  2. 2. Total Compensation Equation A+B+D=E Where: A. Guaranteed Cash (Regular salary, fixed and guaranteed allowance, fixed and guaranteed bonuses, or 13th month pay) B. Variables or discretionary compensation • C. D. E. Commissions, profit shares, performance bonus, management incentive Total Cash (A + B) Benefits Total Renumeration (C + D) (Sison, 2003)
  3. 3. Benefits • • • • • • • Social Security Health Insurance/Health Plan Life Insurance/Accident Insurance Retirement benefits Car and Car-related benefits Allowances (Meals and Transportation; Standby allowance, provincial allowance, Clothing, etc) Leave benefits (VL, SL, Nuptial, Maternity, Paternity, Birthday, Emergency, Sabbatical, Union)
  4. 4. Examples of Additional Pay Benefits (CENTRO ESCOLAR UNIVERSITY) • • • • • • • • • • Longevity Pay Summer Pay Class Advisers Pay Enrolment Advisers Pay Big Classes Pay Mid-year Bonus Christmas Bonus Incentive Leave Pay Holiday Pay Special Examination Pay
  5. 5. Examples of Benefits Package (MERALCO BENEFITS PACKAGE) • • • • • • • • • Medical, Dental and Hospitalization Interest-Free Educational Loan Health Maintenance Plan Shuttle Bus Service Housing Programs Recreation and Sports Facilities Central and Satellite Libraries Canteen/ Commissary services Theater Facilities
  6. 6. NORM OF EQUITY: Belief that employees should be paid according to their contributions to the organizations. Compensation Systems e.g. piecerate Performance Skills “Competencybased” Compensation SALARIES AND BENEFITS “Broadbanding” Money Job classification Range & Levels BASIS Task Status Star roles; Market-based results FORM Demand & Supply conditions Seniority Age & Experience Other economic forms “Appropriate” compensation “Extraordinary” compensation Job analysis: Job value (worth) – job pricing Benefits Perquisites Tenurebased pay Paid time off; Insurance; Retirement; Others (e.g. childcare) Local market conditions; “Value-to-the firm” compensation Intrinsic/ Psychic Equity; Stock Ownership; Profit shares Car; Expense accnt; Other perks Symbols of gift exchange Type and complexity of knowledge required; Number of employees supervised MARKET FORCES CULTURE SIZE & STRUCTURE Status Independence; Power
  7. 7. Compensation Systems: Issues & Concerns • Whether to rely on direct, shorter term economic incentives vs. longer term economic rewards; • Amount of information provided to employees on compensation and reward distribution (Pay secrecy)
  8. 8. Compensation Systems: Issues & Concerns • The extent to which reward systems can be used as a powerful social and psychological force to motivate people and influence reactions. • The application of “cafeteria benefits approach” as a scheme for structuring employee benefits • Salaries vs. Wages
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