This document discusses compensation and benefits. It defines compensation as all forms of financial returns and services employees receive through employment. Compensation is viewed differently by various stakeholders like employees, society, stockholders and managers. The document outlines objectives of compensation systems like efficiency, fairness and compliance. It discusses factors considered in compensation policies like internal alignment, external competitiveness, employee contributions and management. Compensation includes forms of pay like base wages, incentives, benefits and allowances. The key is for compensation systems and policies to support organizational objectives.
The compensation strategy is the essential strategy for the business, which wants to eliminate the external competition from attacking the top talents. The company has to define its position on the job market, it has to identify bene
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
The compensation strategy is the essential strategy for the business, which wants to eliminate the external competition from attacking the top talents. The company has to define its position on the job market, it has to identify bene
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
establishing strategic pay plans
equity and its impact on pay rates
job evaluation methods
how to create a market-competitive pay plan
pricing managerial and professional jobs
contemporary topics in compensation
establishing strategic pay plans
equity and its impact on pay rates
job evaluation methods
how to create a market-competitive pay plan
pricing managerial and professional jobs
contemporary topics in compensation
certified compensation and benefits manager sample-materialVskills
The sample course material covers the following topics as under.
Introduction
Objectives of compensation management
Principles of compensation formulation
Types of wages and wage policies
Procedure and practices for wage determination
Compensation decisions
Compensation benchmarking
Compensation trends and practices in India
Get the complete material. Check more details on the below link.
http://www.vskills.in/certification/Human-Resources/Certified-Compensation-and-Benefits-Manager
- Compensation
- Compensation Administration
- Types of Compensation
- Objectives of Compensation
- Nature of Compensation
- Principles of Wage and Salary Administration
- Components of Salary Administration
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
2. 1-1-22
Compensation refers to all
forms of financial returns
and tangible services and
benefits employees
receive as part of an
employment relationship
What Is Compensation?What Is Compensation?
4. 1-1-44
Compensation: DefinitionCompensation: Definition
EmployeesEmployees
– Major source of financial securityMajor source of financial security
– Return in an exchangeReturn in an exchange between employer and themselvesbetween employer and themselves
– EntitlementEntitlement for being an employee of the companyfor being an employee of the company
– RewardReward for a job well donefor a job well done
5. 1-1-55
Compensation: Definition (cont.)Compensation: Definition (cont.)
SocietySociety
– Pay as a measure of justicePay as a measure of justice
Gender pay gap in U.S., after adjusting for differences inGender pay gap in U.S., after adjusting for differences in
education, experience, occupation, has narrowed from 36education, experience, occupation, has narrowed from 36
percent in 1980 to 13 percent in 2006percent in 1980 to 13 percent in 2006
– Benefits as a reflection of justice in societyBenefits as a reflection of justice in society
~46m Americans do not have health insurance (16% of~46m Americans do not have health insurance (16% of
population)population)
Proportion of Americans w/ private insurance 67.5% in 2007Proportion of Americans w/ private insurance 67.5% in 2007
– Job losses (or gains) attributed to differences inJob losses (or gains) attributed to differences in
compensation (see Ex. 1.1)compensation (see Ex. 1.1)
– Belief that pay increases lead to price increasesBelief that pay increases lead to price increases
6. 1-1-66
Compensation: Definition (cont.)Compensation: Definition (cont.)
StockholdersStockholders
– Linking executive pay to company performance theoreticallyLinking executive pay to company performance theoretically
increases stockholders' returns (see Ex. 1.2)increases stockholders' returns (see Ex. 1.2)
ManagersManagers
– A major expense (labor expense can account for 50+% ofA major expense (labor expense can account for 50+% of
total costs)total costs)
– Used to influence employee behaviors and to improve theUsed to influence employee behaviors and to improve the
organization's performance (see Ex. 1.3)organization's performance (see Ex. 1.3)
Grocery store clerk pay (2005):Grocery store clerk pay (2005):
– Industry average: $12.28/hrIndustry average: $12.28/hr
– Costco:Costco: $16$16
– Whole FoodsWhole Foods $12.50$12.50
– Sam’s ClubSam’s Club $12$12
– Wal-MartWal-Mart $9.68$9.68
Labor costs as % of total costs for grocery stores historically 15-18%;Labor costs as % of total costs for grocery stores historically 15-18%;
today norm is 9-12%; warehouse stores 4-6%; Whole Foods 25%today norm is 9-12%; warehouse stores 4-6%; Whole Foods 25%
8. 1-1-88
Forms Of PayForms Of Pay
Relational returns
– Psychological in nature
Total compensationTotal compensation
– Cash Compensation/ transactionalCash Compensation/ transactional
Base wagesBase wages
– Difference between wage and salaryDifference between wage and salary
Merit pay/cost-of-living adjustmentsMerit pay/cost-of-living adjustments
– Merit increases – given in recognition of past work behavior –Merit increases – given in recognition of past work behavior –
adjustments to baseadjustments to base
– Cost-of-living adjustments –same increases to everyone,Cost-of-living adjustments –same increases to everyone,
regardless of performanceregardless of performance
9. 1-1-99
Forms Of Pay (cont.)Forms Of Pay (cont.)
– Cash Compensation/ transactional (cont.)Cash Compensation/ transactional (cont.)
Incentives/ Variable pay – tie pay increases directly to
performance
– Does not increase base wage; must be reearned each pay periodDoes not increase base wage; must be reearned each pay period
– Potential size generally known beforehandPotential size generally known beforehand
– Long-term (stock options), and short-termLong-term (stock options), and short-term
– BenefitsBenefits
Income protection (some are legally required)Income protection (some are legally required)
Work/life balance (includes pay for time not worked)Work/life balance (includes pay for time not worked)
Allowances (e.g., expatriates)Allowances (e.g., expatriates)
10. 1-1-1010
POLICIESPOLICIES TECHNIQUESTECHNIQUES OBJECTIVESOBJECTIVES
EFFICIENCYEFFICIENCY
• PerformancePerformance
• QualityQuality
• CustomersCustomers
• StockholdersStockholders
• CostsCosts
FAIRNESSFAIRNESS
COMPLIANCECOMPLIANCE
COMPETITIVENESSCOMPETITIVENESS
Market Surveys Policy PAYMarket Surveys Policy PAY
definitions lines STRUCTUREdefinitions lines STRUCTURE
CONTRIBUTORSCONTRIBUTORS
Seniority Performance Merit INCENTIVESeniority Performance Merit INCENTIVE
based based guidelines PROGRAMSbased based guidelines PROGRAMS
MANAGEMENTMANAGEMENT Costs Communication Change EVALUATIONCosts Communication Change EVALUATION
Exhibit 1.5: THE PAY MODELExhibit 1.5: THE PAY MODEL
ALIGNMENTALIGNMENT
Work Descriptions Evaluation/Work Descriptions Evaluation/
analysis certificationanalysis certification
INTERNALINTERNAL
STRUCTURESTRUCTURE
12. 1-1-1212
1-1-1212
Pay System Objectives atPay System Objectives at
Medtronic and Whole FoodsMedtronic and Whole Foods
MedtronicMedtronic
Support Medtronic mission andSupport Medtronic mission and
increased complexity ofincreased complexity of
businessbusiness
Minimize increases in fixedMinimize increases in fixed
costscosts
Attract and engage top talentAttract and engage top talent
Emphasize personal, team andEmphasize personal, team and
Medtronic performanceMedtronic performance
Recognize personal and familyRecognize personal and family
total well-beingtotal well-being
Ensure fair treatmentEnsure fair treatment
Whole FoodsWhole Foods
We are committed to increasing long-We are committed to increasing long-
term shareholder valueterm shareholder value
Profits are earned every day throughProfits are earned every day through
voluntary exchange with our customersvoluntary exchange with our customers
Profits are essential to create capital forProfits are essential to create capital for
growth, prosperity, opportunity, jobgrowth, prosperity, opportunity, job
satisfaction and job securitysatisfaction and job security
Support team member happiness andSupport team member happiness and
excellenceexcellence
We share together in our collective fateWe share together in our collective fate
13. 1-1-1313
Internal alignmentInternal alignment
– FocusFocus - Comparisons among jobs or skill levels inside- Comparisons among jobs or skill levels inside
a single organizationa single organization
– Pay relationships within an organization affectPay relationships within an organization affect
employee decisions to:employee decisions to:
Stay with the organizationStay with the organization
Become more flexible by investing in additional trainingBecome more flexible by investing in additional training
Seek greater responsibilitySeek greater responsibility
External competitivenessExternal competitiveness
– FocusFocus - Compensation relationships external to the- Compensation relationships external to the
organization: comparison with competitorsorganization: comparison with competitors
– Pay is ‘market driven’Pay is ‘market driven’
Four Policy ChoicesFour Policy Choices
14. 1-1-1414
Four Policy Choices (cont.)Four Policy Choices (cont.)
External competitiveness (cont.)External competitiveness (cont.)
– Effects of decisions regarding how much and what forms:Effects of decisions regarding how much and what forms:
To ensure that pay is sufficient to attract and retain employeesTo ensure that pay is sufficient to attract and retain employees
To control labor costs to ensure competitive pricing of products/To control labor costs to ensure competitive pricing of products/
servicesservices
Employee contributionsEmployee contributions
– FocusFocus - Relative emphasis placed on employee performance- Relative emphasis placed on employee performance
Performance based pay affects fairnessPerformance based pay affects fairness
ManagementManagement
– FocusFocus - Policies ensuring the right people get the right pay- Policies ensuring the right people get the right pay
for achieving the right objectives in the right wayfor achieving the right objectives in the right way
15. 1-1-1515
1-1-1515
ConclusionConclusion
the model presented in this chapter provides a structure forthe model presented in this chapter provides a structure for
understanding compensation systemsunderstanding compensation systems
the three main components of the model include:the three main components of the model include:
– the objectives of the pay systemthe objectives of the pay system
– the policy decisions that provide the system’s foundationthe policy decisions that provide the system’s foundation
– the techniques that link policies and objectivesthe techniques that link policies and objectives
two key questions should constantly be asked:two key questions should constantly be asked:
– first, why do it this way? ->there is rarely one correct wayfirst, why do it this way? ->there is rarely one correct way
to design a system or pay an individualto design a system or pay an individual
– second, so what? ->what does this technique do for us?second, so what? ->what does this technique do for us?
->how does it help achieve organizational goals?->how does it help achieve organizational goals?
Editor's Notes
See the Lawler article, PP.. 15 - 16 for details on these points.
See the Lawler article, PP.. 15 - 16 for details on these points.