This document discusses compensation in the context of human resource management. It defines compensation as financial and non-financial rewards provided to employees in exchange for their services. The objectives of compensation are to recruit and retain qualified employees, increase or maintain morale, determine basic wages and salaries, and reward job performance. Compensation includes wages and salaries, incentives, fringe benefits, and perquisites. It can be direct monetary compensation or indirect non-monetary compensation. Factors that affect compensation include external factors like supply and demand of labor, cost of living, unions, and government as well as internal factors like ability to pay, management philosophy, productivity, and job requirements.
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs.
According to Thomas J. Bergmann(1988) compensation consists of four distinct components:
Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards.
Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
Purpose of promotion, basis of promotion, Meaning of transfer, reasons for transfer, types of transfer, right sizing of work force. Need for right sizing.
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs.
According to Thomas J. Bergmann(1988) compensation consists of four distinct components:
Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards.
Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
Purpose of promotion, basis of promotion, Meaning of transfer, reasons for transfer, types of transfer, right sizing of work force. Need for right sizing.
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Function of Wage& Salary administration
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PowerPoint presentation on Variable Pay Viren Patwa
Hello friends my self viren an i gonna share u PowerPoint presentation on Variable Pay with important details highlighted
If u like my presentation pls like an share have a good thank you
what is wage and salary administration
objectives of wage and salary administration-
Function of Wage& Salary administration
Process of Wage& Salary administration
difference between salary and wages-
Quality of work life,concepts, methods to improve quality of work life,flexi time,flexi place, alternative work schedules, part time employment,compressed work week, job rotation, job enlargement and enrichment, challenges in implementing QWL programmes.
PowerPoint presentation on Variable Pay Viren Patwa
Hello friends my self viren an i gonna share u PowerPoint presentation on Variable Pay with important details highlighted
If u like my presentation pls like an share have a good thank you
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2. Definition
• Compensation refers to a wide range of
financial and nonfinancial rewards to
employees for their services rendered to the
organization.
• It is paid in the form of wages, salaries and
employee benefits such as paid vacations,
insurance maternity leave, free travel facility,
retirement benefits etc.,
3. Objectives
Compensation is an integral part of human resource
management which helps in motivating the
employees and improving organizational
effectiveness.
1. To recruit & retain qualified employees.
2. To increase or maintain morale.
3. To determine basic wage & salary.
4. To reward for job performance.
4. Constituents of Compensation
1. Wage and Salary:
The most important component of compensation and these are
essential irrespective of the type of organization
Administered individually
Provides employee stabile income and can plan chores of daily life.
2. Incentives:
Incentives are the additional payment to employees besides the
payment of wages and salaries. Often these are linked with
productivity, either in terms of higher production or cost saving or
both.
Can be administered individually and for groups.
5. Constituents of Compensation
3.Fringe Benefits:
Fringe benefits include such benefits which are provided to the
employees either having long-term impact like provident fund,
gratuity, pension; or occurrence of certain events like medical
benefits, accident relief, health and life insurance; or facilitation in
performance of job like uniforms, Canteens, recreation, etc.
Administered for a group mostly.
4. Perquisites:
These are normally provided to managerial personnel either to
facilitate their job performance or to retain them in the
organization. Such perquisites include company car, club
membership, free residential accommodation, paid holiday trips,
stock options, etc.
• Administered individually mostly.
7. Types of Compensation
1.Direct compensation
It refers to monetary benefits offered and provided to
employees in return of the services they provide to the
organization.
The monetary benefits include basic
salary, house rent allowance, conveyance, leave travel
allowance, medical reimbursements, special
allowances, bonus, PF/Gratuity, etc.
They are given at a regular interval at a definite time.
8. Contd
2. Indirect compensation
It refers to non-monetary benefits offered and
provided to employees in lieu of the services
provided by them to the organization.
They include Paid Leave, Car / transportation,
Medical Aids and assistance, Insurance (for
self and family), Leave travel Assistance,
Retirement Benefits, Holiday Homes etc.
9. Factors affecting Compensation
A. EXTERNAL FACTORS
• Demand and Supply of Labour
• Cost of Living
• Labour Union
• Government
• Prevailing Wage Rates
B. Internal Factors
• Ability to Pay
• Top Management Philosophy
• Productivity of Workers
• Job Requirements