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H.R compesation and career planning


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H.R compesation and career planning

  1. 1. HRM COMPENSATION AND CAREER PLANNING Project By Shantanu Bhople - 31 Gaurav Jadhav – 57 Mohit Gupte - 16 Varun Lamba - 27 Mayur Thakre - 52 Kokila Patel - 17
  2. 2. INTRODUCTION TO CAREER PLANNING AND DEVELOPMENT Meaning Career planning meaning Objectives  Advantages
  3. 3. ESSENTIALS TO MAKE CAREER PLANNING SUCCESSFUL Support from top management Large size of the organization Proper selection of an employee Fair promotion police Publicity to create development Continuity in the process
  4. 4. PROCESS OF CAREER PLANNING AND DEVELOPMENT  Analysis of personnel situation  Projection of personnel situation  Identifying career needs  Selection of priorities  Development of career plans  Write up of formulated career plans  Managerial planning  Implementation  Review and evaluation  Future needs
  5. 5. CAREER LIFE CYCLE STAGES Exploration stage Establishment stage Mid-career stage Late career stage Decline stage
  6. 6. SUCCESSION PLANNING AND STEPS Identifying the key position Appraisal of employees potential Selection of the right person Training and development Placement Performance review
  7. 7. MEANING AND ELEMENTS OF COMPENSATION MANAGEMENT Salaries & wages Bonus Incentives
  8. 8. Benefits of Incentives Motivation Innovation Reduced supervision Improve corporate image Improved morale Reduces absenteeism Reduces employee turnover Encourages initiative
  9. 9. Fringe benefits And Types Retirement benefits Disability insurance Property fringe benefit Education and training programme Health insurance Life insurance Car fringe benefit Other fringe benefits
  10. 10. OTHER TYPES OF COMPENSATION Perquisites Employee stock option plan Retention bonus Profit sharing Gain sharing Skill-based pay
  11. 11. FACTORS AFFECTING COMPENSATION Demand and supply Labour union Ability to pay Productivity cost of living Government regulations Prevailing market rate Other factors
  12. 12. ESSENTIAL OF A SOUND COMPENSATION SYSTEM Definite plan Competitive wages Equal pay for equal work Provision for appeal Communication Minimum wage Revision