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 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.
this presentation is all about rewarding employees to keep them motivated and boost their performance. the detailed description is in presentation itself so no need to describe below. hope you will enjoy my presentation. this presentation is for academic course showcase not for practical hr reference as i have talked about theotrical aspects only.
Retention strategies are policies and plans that organizations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term.
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
this presentation is all about rewarding employees to keep them motivated and boost their performance. the detailed description is in presentation itself so no need to describe below. hope you will enjoy my presentation. this presentation is for academic course showcase not for practical hr reference as i have talked about theotrical aspects only.
Retention strategies are policies and plans that organizations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term.
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
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
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
2. What iscompensation management
•Compensation Management is designing and
implementing total compensation package with a
systematic approach to providing value toemployees
in exchange forwork performance,
•Compensation is a systematic approach to providing
monetary value to employees in exchange for work
performed.
•Compensation mayachieveseveral purposes assisting
in recruitment, job performance, and job satisfaction.
4. Its importance
Compensation is an integral part of human resource
management which helps in motivating the
employees and improving organizational
effectiveness.
Effectiveness in terms of:
Attracting & Retaining Talent
Motivating talent for betterperformance
Costeffectiveness
8. Types of Compensation
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. Theyaregiven at a
regular interval at adefinite time.
9. Types of Compensation
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 Aidsand assistance, Insurance (for
self and family), Leave travel Assistance, Retirement
Benefits, Holiday Homes.
10. Constituentsof Compensation – CTC, heads
Wageand Salary:
The most importantcomponentof compensation and theseareessential
irrespectiveof the typeof organization
Administered individually
Providesemployeestabile incomeand can planchoresof daily life,
budget
Incentives:
Incentivesare theadditional payment toemployees besides thepayment
of wages and salaries. Often these are linked with productivity, either in
termsof higherproductionorcostsaving or both.
Can beadministered individuallyand forgroups
Additional compensation having immediateeffectand no future liability.
11. Constituentsof Compensation – CTC, heads
Fringe Benefits:
Fringe benefits include such benefits whichare provided to theemployees 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 foragroup mostly
Perquisites:
These are normally provided to managerial personnel either to facilitate their
job performance or to retain them in theorganization. Such perquisites include
company car, club membership, free residential accommodation, paid holiday
trips, stock options, etc.
Administered individually mostly
13. Purposeof Compensation
For Employer
Brand image (employerof choice) forattracting candidates
Motivating employees for higherproductivity and
performance
Retaining talent
Consistency in compensation
Provoking healthy internal competition
For Employee
Work-life Balance
Recognition as tool toself esteem
Planning for betterqualityof life
14. Factorsaffecting Compensation
Mental requirements,
Physical requirements,
Skill requirements,
Responsibility level, and
Working conditions (risk, time, hazards)
16. Inputs in Compensation Structure
Job Evaluation
Job Specification
Job Description
Time and Motion Study
Market Survey
Demand and Supply
Industry wise bench marking
17. Lawsgoverning and affecting Pay Structure
Minimum Wages Act (discuss – minimum remuneration, its
heads
Income Tax Act (discuss – heads which provide tax relief)
Equal Remuneration Act
Paymentof Wages Act (discuss – permissibledeductions)
Actson social securities (PF, Bonus, Gratuity, Employee
Compensation)
20. Anatomyof Pay Structure
Social Security / Statutory payments
Contribution towards Provident Fund
Contribution towards ESI
Paymentof Bonus
Payment of Gratuity (not part of wages but considered part
of CTC)
21. Some interesting comparisons
Thesalary of top executivesof publicsectorare miserable
compared to private sector .
S B I of Indiachief is paid 10%of HDFC Bank Managing
Director
BHEL’S chief gets about 10 to 12 lakhs perannum as
against ABB ‘S MD getting nearly 40 to 50 lakhs
22. Recent trends in Compensation Management
Employees’ Stock Ownership Plan
Employee Stock Ownership Plan (ESOP) is an employee benefit plan. The
scheme provides employees the ownership of stocks in the company. It is
oneof the profitsharing plans. Employers have the benefit touse the ESOPs
as a tool to fetch loans from a financial institute. It also provides for tax
benefits totheemployers.
26. Executive Compensation
Executivecompensation is an issue thatall companies
spend considerable time studying -- especially public
companies that have to publicly disclose the
compensation details for the five highest-paid
employees in the company. Many public companies
have been criticized by the media, byshareholdersand
by thegovernment forcreating compensation plans
with large rewards for executives. The compensation
function has to strike a balance between designing
executivecompensation plans thatattractand retain
topexecutivesand thatare acceptable to the public.
27. Recognizing and Rewarding Employees
⚫HR professionals design programs to successfully
motivate employees to perform at their best and that
recognize and reward employees for their
contributions in a way that's affordable to the
company. However, ultimately, it's the supervisors and
managers in a companywho recognize and reward
employees, and compensation staff must train and
educate managers on how to use rewards and
recognition to makeemployees feel appreciated by the
companyand happy in their jobs.
28. External Competitiveness
⚫As HR professionals strive to establish competitive pay
rates soan organization can attractand retain the right
talent, they compare their compensation rates to the
rates in published surveys togauge their
competitiveness. However, many nuances complicate
the process. For example, when you're hiring the head
of software development, the competition for talent
might be a different setof companies than whenyou're
hiring an administrativeassistant.
29. Internal Equity
⚫Legal considerations are also on the mind of HR
professionals who manage compensation programs. In
addition to being competitivewith theexternal market, pay
must be equitable internally within the organization.
Companies generally want to reward high performers with
more money and try to create pay differences between
employees in the same job to recognize outstanding
performance. However, HR must be mindful that it's
against the law to pay employees who perform the same
work differently solely because the employee is female,
nonwhite orover 40.
