Compensation management human resource.ppt
•Download as PPT, PDF•
0 likes•4 views
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
Recommended
More Related Content
Similar to Compensation management human resource.ppt
Similar to Compensation management human resource.ppt (20)
Recently uploaded
Recently uploaded (20)
Compensation management human resource.ppt
- 2. Factors Influencing Remuneration Internal Factors External Factors Organization Strategy Economy Employee Society Job Evaluation Labour Market Performance Appraisal Cost of Living Labor Unions Legislation
- 3. Benefits of Proper Compensation Administration 1 2 3 4 5 Attracts talent Motivates Employees Rewards Performance Reduces Turnover Manages Compensation Budget Compensation policy aims to attract talented employees and motivate them to put their efforts and commitment to work that increase job satisfaction work performance Benefits of Proper Compensation
- 4. Consequences of Pay Dissatisfaction grievances Desire for more pay Pay dissatisfaction performance strikes Search for new job Lower attractiveness of job absenteeism turnover Job dissatisfaction absenteeism Psychological withdrawal Poor health Visits to the doctors Source: Aswathappa. Human Resource Management, Text and Cases, 2008, p. 289
- 5. Concepts of Wages 1 Minimum Wage 2 Fair Wage 3 Living Wage 4 Team based Pay 5 Remunerating Professionals 6 Contract Employees 7 Expatriates and Executives
- 6. Components of Remuneration Benefits include both financial and non financial • Wages and Salary • Incentives • Fringe Benefits • Perquisites • Non Monetary Benefits
- 7. Components of Remuneration Remuneration Financial Non Financial Wages and Salary Hourly wages and monthly rates salary Incentives Individual plans Group plans Fringe benefits CPF Gratuity Medical etc. Perquisites Company car Club membership Furnished house Stock option schemes etc. Job content Challenging job responsibilities Supervision Growth prospects Working conditions Etc. Source: Aswathappa. Human Resource Management, Text and Cases, 2008, p. 286
- 8. Challenges of Remuneration Remuneration Salary Reviews Monetary and non monetary rewards Skill based pay Comparable worth Below market or above market pay Eliticism or Egalitarianism Employee participation Pay Secrecy Source: Aswathappa. Human Resource Management, Text and Cases, 2008, p. 300
- 9. 12–9 Direct Compensation Compensation Type Base Pay The basic monetary compensation that an employee receives, usually as a wage or salary. Wages Payments calculated on the amount of time worked. Salary Consistent payments made each period regardless of the number of hours worked in the period. Variable Pay Compensation linked to individual, team, or organizational performance. Benefit An indirect reward given to an employee or group of employees as a part of organizational membership.
- 10. indirect compensation Indirect compensation refers to the various forms of non-monetary pay offered to employees, that can include everything from common contractual f. Casually called “employee benefits,” companies commonly offer employees indirect compensation in a variety of different ways. See this list of indirect compensation examples: Pension funds Cell phones Company cars Health insurance Life insurance Overtime pay Annual leave Childcare, attractive benefits.