This document discusses compensation management and provides details on:
1) The definition and types of compensation including direct compensation like wages and salaries, and indirect compensation like benefits.
2) The purposes and components of compensation including attracting applicants, retaining employees, motivating performance, and administering legal pay requirements.
3) Methods of determining employee pay such as base salary plus cost of living adjustments, scales, incentives, bonuses, and merit-based pay.
4) The job evaluation process which determines relative job worth through analyzing jobs, developing and selecting evaluation methods, and evaluating positions.
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
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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
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.
New Trends in Compensation Management (Group Mediclaim/Insurance Scheme, Personal Accident Insurance Scheme, Company Leased Accommodation,
Recreation/ATM facilities, Corporate Credit Card,
Club memberships, Cellular Phone/Laptop,
Personal Health Care, Loans, Educational Benefits, Regular Get together and other cultural programs, Wedding Day/Birthday Gift, Employee Referral Scheme, Maternity Leave, Paternity Leave, Work-life Balance, Pay Transparency, Broad banding,Variable Pay (Incentive Pay),
Flexible Benefits
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Job Evaluation: concept, process, compensation: concept, components, Designing and Administering the Wage and Salary Structure, Grievance Procedure and Handling.IT is about maintainence of HUMAN RESOURCES
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.
New Trends in Compensation Management (Group Mediclaim/Insurance Scheme, Personal Accident Insurance Scheme, Company Leased Accommodation,
Recreation/ATM facilities, Corporate Credit Card,
Club memberships, Cellular Phone/Laptop,
Personal Health Care, Loans, Educational Benefits, Regular Get together and other cultural programs, Wedding Day/Birthday Gift, Employee Referral Scheme, Maternity Leave, Paternity Leave, Work-life Balance, Pay Transparency, Broad banding,Variable Pay (Incentive Pay),
Flexible Benefits
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Job Evaluation: concept, process, compensation: concept, components, Designing and Administering the Wage and Salary Structure, Grievance Procedure and Handling.IT is about maintainence of HUMAN RESOURCES
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It is important to ensure that the approach taken is guided by the compensation philosophy and is applied consistently. Ensuring that established guidelines are followed will prevent offering a compensation package so tailored to a person that the organization is jeopardized by having too heavy a financial burden or that flexible arrangements actually hinder the critical work from being completed. It takes a carefully crafted balance between the organizational needs and the individual considerations to arrive at the optimal compensation structure.
- Compensation
- Compensation Administration
- Types of Compensation
- Objectives of Compensation
- Nature of Compensation
- Principles of Wage and Salary Administration
- Components of Salary Administration
Introduction1but the focus in this chapter is pay. they al.docxmariuse18nolet
Introduction
1
but the focus in this chapter is pay.
they all help maintain employee commitment
There are many work motivators, including
promotions
desirable work assignments
peer recognition
work freedom
Rewards Review
2
bonuses
piecework
commission
incentive
plans
merit pay
plans
cost of living
increase
labor market
adjustment
profit sharing
time-in-rank
increase
protection
Program
pay for time
not worked
services/
perks
assigned
parking space
preferred
assignments
business
cards
own
secretary
impressive
title
participation in
decision making
greater job
freedom
more
responsibility
opportunities
for growth
diversity
of activities
Financial
Non-financial
Extrinsic
Implied
membership-based
Performance
based
Explicit
membership-based
Intrinsic
Types of Reward Plans
3
intrinsic rewards (personal satisfactions) come from the job itself, such as:
pride in one’s work
feelings of accomplishment
being part of a work team
extrinsic rewards come from a source outside the job, mainly by management:
money
promotions
benefits
Intrinsic versus Extrinsic Rewards
Types of Reward Plans
4
financial rewards:
Financial versus Nonfinancial Rewards
nonfinancial rewards:
wages
bonuses
profit sharing
pension plans
paid leaves
purchase discounts
make life on the job more attractive; employees vary greatly on what types they like
Types of Reward Plans
5
performance-based rewards are tied to specific job performance criteria
commissions
piecework pay plans
incentive systems
group bonuses
merit pay
membership-based rewards such as cost-of-living increases, benefits, and salary increases are offered to all employees
Performance-based versus Membership-Based
Compensation Administration
6
An effective, fair compensation program:
Companies derive their compensation programs from job evaluation, which defines the appropriate worth of each job.
Both employees and employers
can research compensation
facts and issues at
www.salary.com
http://salary.nytimes.com/
http://www.salaryexpert.com/
attracts
motivates
Retains competent employees
Compensation Administration
7
The Fair Labor Standards Act requires:
minimum wage
overtime pay
record-keeping
child labor restrictions
exempt employees
include professional and
managerial employees
not covered under
FLSA overtime provisions
nonexempt employees
eligible for premium pay
(time and one-half)
when they work more than
40 hours in a week
Compensation Administration
8
Civil Rights Act:
broader than Equal Pay Act
prohibits discrimination on the basis of gender
used to support comparable worth concept
salaries established based on skill, responsibility, effort, and working conditions
Equal Pay Act of 1963 requires that men and women hired for the same job be paid the same.
Job Evaluation and the Pay Structure
9
Job analysis information determines the relative value, or rank, of each job in the organization.
Research wage information at
the Bureau of Labor Statistics
http://.
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