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Non financial compensation system

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Non Financial Compensation System (Job and Job characteristics, Job Environment, Workplace Flexibility, Flextime, Compressed workweek, Job sharing, Flexible compensation, Telecommuting, Part-time work, Modified retirement

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Non financial compensation system

  1. 1. Non-financial Compensation System Dr. G C Mohanta, BE, MSc(Engg), MBA, PhD(Mgt) Professor Al-Qurmoshi Institute of Business Management Hyderabad 1
  2. 2. Non-financial Compensation System Job & Job characteristics Job Environment Workplace Flexibility 2
  3. 3. Non-financial Compensation System Job Interesting, challenging & responsible Opportunity for recognition & advancement Feeling of achievement Job Characteristics Skill Variety Task Identity Task Significance Autonomy Feedback
  4. 4. Job Environment Policies, Supervision, Co-workers, Status Symbols, Working Conditions 4
  5. 5. Workplace Flexibility Flextime Compressed workweek Job sharing Flexible compensation (cafeteria compensation) Telecommuting Part-time work Modified retirement 5
  6. 6. Flextime Flextime- allows employees to have the benefits of adjusting the time as they come to work. Businesses can offer flexible services to customers, supervisors are forced to communicate more effectively. Practice of permitting employees to choose, with certain limitations, their own working hours Work the same number of hours per day as they would on a standard schedule 6
  7. 7. 7 Flexible Time Core Time Flexible Time (Lunch) Core Time Flexible Time 6 a.m. 9 a.m. 6 p.m.3 p.m.Noon Bandwidth
  8. 8. Compressed Work Week Employees have the opportunity to work 4 days a week with longer work hours, usually 10 hours per day. In return they are able to take one day off a week with out using vacation. Arrangement of work hours that permits employees to fulfill their work obligation in fewer days than the typical five-day workweek Provide greater job satisfaction 8
  9. 9. Job Sharing Two part-time people split the work schedule of 40 hours a week. They split the duties of one job in some agreed-on manner and are paid according to their contributions Partners must be compatible, have good communication skills and trust must exist between the job sharers and their manager 9
  10. 10. Flexible Compensation Plans Permit employees to choose from among many alternatives in deciding how their financial compensation will be allocated Determine the compensation package that best satisfies his or her particular needs 10
  11. 11. Telecommuting Work arrangement whereby employees, called teleworkers or telecommuters, are able to remain at home, or otherwise away from the office, and perform their work using computers and other electronic devices that connect them with their offices 11
  12. 12. Part-time Work Some people do not either want or need full-time employment Adds many highly qualified individuals to the labor market by permitting both employment and personal needs to be addressed 12
  13. 13. Modified Retirement Permits older employees to work fewer than regular hours for a certain period of time preceding retirement Allows an employee to avoid an abrupt change in lifestyle and move gracefully into retirement 13

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