Compensation & benefits

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Compensation & benefits

  1. 1. Compensation & Benefits Learning Session Demo Project By: ZEESHAN MOIEZ ALI Karachi – Pakistan
  2. 2. TradeLink Pakistan (Pvt) Ltd Compensation Philosophy & Performance Management
  3. 3. Concept “Employee compensation (remuneration) refers to all forms of pay or rewards going to employees and arising from their employment” The purpose of Compensation programs is to attract and retain individuals, provide security over the long time, and recognize differences in individual jobs and responsibilities.
  4. 4. Compensation Philosophy  Impacts an employer’s ability to attract and retain employees.  Ensure optimal levels of employee performance in meeting the organization’s strategic objectives.
  5. 5. Compensation Dimensions  Compensation’s components  Direct compensation in the form of wages or salary  Base pay (hourly, weekly, and monthly)  Incentives (fixed and sales bonuses and or commissions)  Types of Leaves & Travel Fair Facility  Indirect compensation in the form of benefits  Legally required benefits (e.g., Social Security, EOBI)  Optional (e.g., group health benefits)
  6. 6. Pay Systems  Job-based  Pay the job (not the person)  Market-based (external equity focus)  Point factor-based (internal equity focus)  Skills / knowledge-based  Pay the person (not the job)  62% of firms used some type of skill based pay in 2005
  7. 7. Compensation PackageCompensation Package Salary 60% Basic, Cola, House Rent, Conveyance, Utility. Benefits (25%) Gratuity, Death & Disability Insurance, Pension Plans, Medical Coverage. Incentives & Allowances (15%)
  8. 8. Requirement For Compensation System  Knowledge of employment and taxation law, customs, environment and employment practices of Service Sector Of Pakistan  Familiarity with SPELT fluctuations and the effect of inflation on compensation.  A good understanding of why and when special allowances must be supplied and which allowances are necessary in to retain people.
  9. 9. Performance Management  Performance Is Manage at TLP  Employee Innovation  Employee Involvement  Personal Development  Employee Focus On Continuous Improvement
  10. 10. Steps For Measuring Performance
  11. 11. What Observer Eye Looking For?  Positive Attitude  Team Orientation  Innovation  Customer Focus  Superior Communication Skills
  12. 12. Types & Weightage Of PA Annual Appraisal 60%, Yearly Performance based, Mostly Covers Support Services Department. Mid Year Appraisals 25%, Performance based, Covers Sales Department for Employee Retention Mid Year Review, for Balancing Different Types of Uncertainty, cover specific departments.
  13. 13. PA In 3 Steps Evaluating Performance based on Year Objective & Quality Reviews Rating the Components Of PA Form & then Set Grading Set Grades are Linked With Increase In Incentives
  14. 14. PA In 3 Steps  Who Evaluate?  HODs, Supervisors, Themselves.  How Evaluate?  Through Rating, Through JDs, Through Objectives.  What They Return?  Financial Increase, Vertical Growth, Developmental Opportunities

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