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Welcome to My Presentation.Yousuf

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Welcome to My Presentation.Yousuf

  1. 1. Department of Management Studies
  2. 2. Topics On Comparing Compensation Between Privet & Public Organization
  3. 3. What is Compensation Management? Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees.
  4. 4. How to Develop a Compensation Plan? 1) Determine your company's vision and how your benefits package can reflect this 2) Recognize that your compensation plan needs to fit into your budget, especially if you are a start-up business. 3) Research the options 4) Offer a compensation plan that includes a mix of benefits 5) Don't be too generous with your compensation plan. 6) be clear when putting your compensation plan into your company policy book.
  5. 5. Comparing Compensation Between Private Sector and Government Productivity Differences Even taking the study's analysis as given, this does not mean that the value of an average government worker's labour is equal to that of an average private sector worker with similar education and work experience. This is because private sector workers tend to be more productive.
  6. 6. Job Security Differences The notion that public employees are significantly undercompensated begs the question: if they are so underpaid, why would they agree to take government jobs when they could earn more by performing similar jobs in the private sector? Some might cling to the romantic idea of "public service," but public-sector employees are every bit as self-interested as private-sector workers, so this answer is wholly unsatisfying. Whether for job security or other reasons, the attraction to government jobs is evidenced by job-quit rates. Lower quit rates indicate a lack of better job opportunities elsewhere.
  7. 7. Public-Sector Pension and Retiree Health-Care Benefits Differences As with job security, there is a value to the guaranteed nature of public sector benefits that is not captured in the Bender and Heywood report. In most states, including California, government workers' benefits are protected by state constitutions, and the benefits of current employees cannot be reduced. This is a protection that is not available in the private sector, where pension plans may be frozen, benefits may be reduced, and companies can go bankrupt, which could cause employees to receive fewer benefits than promised.
  8. 8. Overtime Privet organization pay for overtime working period but on the other hand Public organization don’t pay for overtime period. Disability Compensation When a health problem occurs, public organization considered that and pay his/her salary. On the other hand most of the time privet organization doesn’t considered that factor.
  9. 9. Maternity Public organization considered maternity period for woman with pay but privet organization considered that without pay.
  10. 10. Conclusion  A good compensation package is important to motivate the employees to increase the organizational productivity.  Unless compensation is provided no one will come and work for the organization. Thus, compensation helps in running an organization effectively and accomplishing its goals.  Salary is just a part of the compensation system, the employees have other psychological and self-actualization needs to full fill. Thus, compensation serves the purpose.  The most competitive compensation will help the organization to attract and sustain the best talent. The compensation package should be as per industry standards.

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