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.
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)
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)
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
this presentation covers the following portion of HR managent:
-Human Resource Planning Process
-Difference between recruitment and selection
-Objectives of HR management
Purpose of promotion, basis of promotion, Meaning of transfer, reasons for transfer, types of transfer, right sizing of work force. Need for right sizing.
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
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
this presentation covers the following portion of HR managent:
-Human Resource Planning Process
-Difference between recruitment and selection
-Objectives of HR management
Purpose of promotion, basis of promotion, Meaning of transfer, reasons for transfer, types of transfer, right sizing of work force. Need for right sizing.
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
PayScale: The Pay Transparency Challenge webinarPayScale, Inc.
Pay Transparency is one of the hottest topics in human resources right now. But what exactly does pay transparency mean?
Join Mykkah Herner, MA, CCP and Paige Hanley, CCP as they discuss pay transparency as a way of increasing trust within your organization to drive engagement, productivity, and business results.
Aligning your compensation philosophy with business prioritiesPayScale, Inc.
As an HR leader, you play a key role in your organization's success. It's crucial that you work with your company's executive leaders to develop a compensation strategy that supports company business objectives.
In this free, one hour webinar session, Stacey Carroll, SPHR, MBA will present the basics of leading an organization through the steps to align its compensation philosophy with its mission, and values. This webinar will give you a core understanding of the connection between business and compensation strategy.
Compensation is the process of providing adequate, equitable and fair remuneration to the employees. It is what employees receive in exchange for their contribution to the organization. It is a comprehensive term which includes pay, incentives and benefits offered to the employees.
PURPOSEOF COMPENSATION
THE PAY MODEL
STRATEGIC COMPENSATION PLANNING
COMPENSATION POLICY ISSUES
The presentation comprised the strategy to improve employee performances through compensation and benefit. The presentation also includes case study of FMCG industry.
Farsight's Employee Leave Management System streamlines communication between your HR and employees and facilitates simple yet efficient management of employee leave.
E-Leave Management ensures that all leave taken and leave request are properly accounted for. Your staffs can apply, approve and view leave records without the hassel and delay of going through the admin staff- it's all at your fingertips with any time, anywhere access.
For Employees - This system allows them to easily determine their vacation availability and request leave online.
For Managers -Leave approval no longer involve trails of paperwork.The system provides full audit trails of your staff's leave balances and plans.
An E-Mail alert will be sent to the approving officer.Once the leave has been approved / rejected by the officer, an E-Mail alert will be sent back to the employee as well.
Our E-Leave Solution is integrated with our payroll System (Payroll Insights). Solution is highly flexible and can be integrated with 3rd party solutions.
- Compensation
- Compensation Administration
- Types of Compensation
- Objectives of Compensation
- Nature of Compensation
- Principles of Wage and Salary Administration
- Components of Salary Administration
Components of compensation means components of remuneration to employees. An average employees in the organized sector is usually entitled to various benefits. Compensation is a payment made in cash to the employee in return of the contribution that he/she makes in the organization.
1. Base Pay Structure (Fixed component);
2. Variable Pay Programs;
3. Benefits;
4. Rewards & Recognition
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
Desighning employee benefits and servicesamsalu123
When an organization design overall its compensation program, a critical areas of concern is what benefits to provide. Today’s workers expect more than just an hourly wage or a salary; they want additional considerations that will enrich their lives. These considerations in and employment setting are called employee benefits.
Stores management is part of the overall function of materials management. In order, therefore, to understand the function of the former it is desirable to have a clear understanding of what materials management stands for.
According to Alford and Beatty “storekeeping is that aspect of material control concerned with the physical storage of goods.” In other words, storekeeping relates to art of preserving raw materials, work-in-progress and finished goods in the stores.
As opposed to retailing, wholesaling is the act of selling products or services for the use in businesses. That being said, the wholesaling diversity is much more narrow than that of the retailing industry.
Retailing is the act of selling products or services to people for their personal, non business use. A retailer is a business that specializes in the act of retailing primarily.
Retailing includes all the activities involved in selling goods or services directly to final customers for their personal, non business use. A retailer is any business enterprise whose sales volume comes primarily from retailing.
Motivation is the word derived from the word ’motive’ which means needs, desires, wants or drives within the individuals. It is the process of stimulating people to actions to accomplish the goals.
Retailing as a sector includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the small orders of a large number of individuals, rather than large orders of a small number of wholesale, corporate or government clientele. Shops may be on residential streets, streets with few or no houses, or in a shopping mall.
Communication is sending and receiving information between two or more people. The person sending the message is referred to as the sender, while the person receiving the information is called the receiver. The information conveyed can include facts, ideas, concepts, opinions, beliefs, attitudes, instructions and even emotions.
Leadership is the ability to not only understand and utilize your innate talents, but to also effectively leverage the natural strengths of your team to accomplish the mission. There is no one-size fits all approach, answer key or formula to leadership. Leadership should be the humble, authentic expression of your unique personality in pursuit of bettering whatever environment you are in.
Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.Market segmentation helps the marketers to understand the needs of the target audience and adopt specific marketing plans accordingly. Organizations can adopt a more focused approach as a result of market segmentation.
Product design in its broadest sense includes the whole development of the product through all the preliminary stages until actual manufacturing begins.The process focuses on figuring out what is required, brainstorming possible ideas, creating mock prototypes, and then generating the product. however, that is not the end of the process.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
This presentation, created by Syed Faiz ul Hassan, explores the profound influence of media on public perception and behavior. It delves into the evolution of media from oral traditions to modern digital and social media platforms. Key topics include the role of media in information propagation, socialization, crisis awareness, globalization, and education. The presentation also examines media influence through agenda setting, propaganda, and manipulative techniques used by advertisers and marketers. Furthermore, it highlights the impact of surveillance enabled by media technologies on personal behavior and preferences. Through this comprehensive overview, the presentation aims to shed light on how media shapes collective consciousness and public opinion.
2. 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.
3. 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.
4. Principles of compensation:
1. To be legal: It must get approval from the govt. or top
management in the organization
2. To be adequate: compensation must be sufficient so that
needs of the employees are fulfilled substantially
3. To be Motivational: compensation must increase the level
of motivation and job satisfaction of the employees.
4. To be equitable: compensation policy should be declared in
such a way so that no discrimination can be observed.
5. 5 .To provide security: Employees must have guarantee of
getting wages or compensation regularly without any break.
6. To be cost benefit effective: The organization must make a
balance between cost for giving compensation and benefits to
be accrued from the employees.
6. Components of Compensation: A typical compensation of an employee
comprises of following components:
1)Financial compensation
2)Non financial compensation
1)Financial compensation: Financial compensation refers to financial benefits
offered and provided to employees in return of the service they provide to the
organization.
a)Basic Wages/Salaries
Basic wages / salaries refer to the cash component of the wage structure based
on which other elements of compensation may be structured. It is normally a
fixed amount which is subject to changes based on annual increments or
subject to periodical pay hikes.
7. b)Dearness Allowance: The payment of dearness allowance facilitates
employees and workers to face the price increase or inflation of prices of
goods and services consumed by him. The onslaught of price increase has a
major bearing on the living conditions of the labour.
c)Incentives: Incentives are paid in addition to wages and salaries and are
also called ‘payments by results’. Incentives depend upon productivity,
sales, profit, or cost reduction efforts.
There are:
(a) Individual incentive schemes, and
(b) (b) Group incentive programmes.
Individual incentives are applicable to specific employee
performance. Where a given task demands group efforts for completion,
incentives are paid to the group as a whole.
8. The amount is later divided among group members on an equitable basis.
d)Bonus: The bonus can be paid in different ways. It can be fixed
percentage on the basic wage paid annually or in proportion to the
profitability.
The Government also prescribes a minimum statutory
bonus for all employees and workers.
There is also a bonus plan which compensates the
managers and employees based on the sales revenue or profit margin
achieved. Bonus plans can also be based on piece wages but depends upon
the productivity of labour.
9. Non financial compensation: These benefits give psychological
satisfaction to employees even when financial benefit is not available. Such
benefits are:
(a) Recognition of merit through certificate, etc.
(b) Offering challenging job responsibilities,
(c) Promoting growth prospects,
(d) Comfortable working conditions,
(e) Competent supervision, and
(f) (f) Job sharing and flexi-time.
Commissions: Commission to managers and employees may be based on
the sales revenue or profits of the company. It is always a fixed
percentage on the target achieved. For taxation purposes, commission is
again a taxable component of compensation.
10. Fringe Benefits: Fringe benefits constitute indirect compensation as
they are usually extended as a condition of employment and not directly
related to performance of concerned employee.
Fringe benefits are supplements to regular
wages received by the workers at a cost of employers. They include benefits
such as paid vacation, pension, health and insurance plans, etc.
11. Types of Compensation :Total compensation returns are more
transactional. They include pay received directly as cash (like base, merit,
incentives, cost of living adjustments) and indirectly as benefits (like
pensions, medical insurance, programs to help balance work and life
demands, brightly coloured uniforms).
compensation
Direct /Base Compensation Indirect compensation
12.
13. 1)Direct compensation: Direct compensation 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.
a)Bonus: Bonus is paid to the employees during festive seasons to motivate
them and provide them the social security. The bonus amount usually
amounts to one month’s salary of the employee.
14. b)Basic Salary: Salary is the amount received by the employee in lieu of the
work done by him/her for a certain period say a day, a week, a month, etc.
It is the money an employee receives from his/her employer by rendering
his/her services.
c)House Rent Allowance: Organizations either provide accommodations to
its employees who are from different state or country or they provide house
rent allowances to its employees. This is done to provide them social
security and motivate them to work
d)Medical Reimbursement :Organizations also look after the health
conditions of their employees. The employees are provided with medi-
claims for them and their family members. These medi-claims include
health-insurances and treatment bills reimbursements.
15. e)Special Allowance: Special allowance such as overtime, mobile
allowances, meals, commissions, travel expenses, reduced interest loans;
insurance, club memberships, etc are provided to employees to provide
them social security and motivate them which improve the organizational
productivity.
2)Indirect /Supplementary Compensation:
Indirect compensation refers to
non-monetary benefits offered and provided to employees in lieu of the
services provided by them to the organization. They include Leave Policy,
Overtime Policy, Car policy, Hospitalization, Insurance, Leave travel
Assistance Limits, Retirement Benefits, Holiday Homes.
16.
17. a)Leave Policy: It is the right of employee to get adequate number of leave
while working with the organization. The organizations provide for paid
leaves such as, casual leaves, medical leaves (sick leave), and maternity
leaves, statutory pay, etc.
b)Overtime Policy: Employees should be provided with the adequate
allowances and facilities during their overtime, if they happened to do so,
such as transport facilities, overtime pay, etc.
c)Hospitalization:The employees should be provided allowances to get their
regular check-ups, say at an interval of one year. Even their dependents
should be eligible for the medi-claims that provide them emotional and
social security.
18. d)Insurance: Organizations also provide for accidental insurance and life
insurance for employees. This gives them the emotional security and they
feel themselves valued in the organization.
e)Leave Travel: The employees are provided with leaves and travel
allowances to go for holiday with their families. Some organizations
arrange for a tour for the employees of the organization. This is usually
done to make the employees stress free.
f)Retirement Benefits: Organizations provide for pension plans and other
benefits for their employees which benefits them after they retire from the
organization at the prescribed age.
19. g)Holiday Homes: Organizations provide for holiday homes and guest
house for their employees at different locations. These holiday homes are
usually located in hill station and other most wanted holiday spots. The
organizations make sure that the employees do not face any kind of
difficulties during their stay in the guest house.
h)Flexible Timings: Organizations provide for flexible timings to the
employees who cannot come to work during normal shifts due to their
personal problems and valid reasons.