This document discusses career planning and compensation. It begins with introductions to career planning, objectives, and advantages. It then outlines essentials for successful career planning like support from management. Next, it details the process of career planning including analysis, projection, and implementation. It also discusses career life cycle stages and succession planning. The document then covers compensation management including salaries, bonuses, incentives and their benefits. It lists various fringe benefits and other types of compensation. Finally, it discusses factors affecting compensation and essentials of a sound compensation system.

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. INTRODUCTION TO CAREER PLANNING
AND DEVELOPMENT
Meaning
Career planning meaning
Objectives
 Advantages

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. 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. CAREER LIFE CYCLE STAGES
Exploration stage
Establishment stage
Mid-career stage
Late career stage
Decline stage

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. MEANING AND ELEMENTS OF
COMPENSATION MANAGEMENT
Salaries & wages
Bonus
Incentives

8. Benefits of Incentives
Motivation
Innovation
Reduced supervision
Improve corporate image
Improved morale
Reduces absenteeism
Reduces employee turnover
Encourages initiative

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. OTHER TYPES OF COMPENSATION
Perquisites
Employee stock option plan
Retention bonus
Profit sharing
Gain sharing
Skill-based pay

11. FACTORS AFFECTING COMPENSATION
Demand and supply
Labour union
Ability to pay
Productivity cost of living
Government regulations
Prevailing market rate
Other factors

12. ESSENTIAL OF A SOUND COMPENSATION
SYSTEM
Definite plan
Competitive wages
Equal pay for equal work
Provision for appeal
Communication
Minimum wage
Revision