The document discusses employee benefits and services. It provides definitions and examples of benefits like paid time off, health insurance, retirement plans. It explains that benefits are used to attract, retain, and motivate employees. The document also covers factors that influence benefit decisions, common types of benefits, and some potential issues with benefits programs.
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.
Reward is an incentive plan to reinforce the desirable behavior of workers or employers and in return for their service to the organization.
Compensation and Reward system plays vital role in a business organization.
Reward Management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
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 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)
Principles of compensation management - compensation management - Manu Melwi...manumelwin
Compensation management is a sensitive and crucial aspect of human resource management as its adequacy or inadequacy can affect, either positively or negatively, the competitiveness of the organization due to higher attrition rates, low commitment etc.
The use of biodata for employee selection: Past research and future implicationsAndrea Dvorak
Summary of the article 'The use of biodata for employee selection: Past research and future implications.'
2009,human resource management review - human resource,no. 3,pp. 219-231,vol. 19
Reward is an incentive plan to reinforce the desirable behavior of workers or employers and in return for their service to the organization.
Compensation and Reward system plays vital role in a business organization.
Reward Management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
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 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)
Principles of compensation management - compensation management - Manu Melwi...manumelwin
Compensation management is a sensitive and crucial aspect of human resource management as its adequacy or inadequacy can affect, either positively or negatively, the competitiveness of the organization due to higher attrition rates, low commitment etc.
The use of biodata for employee selection: Past research and future implicationsAndrea Dvorak
Summary of the article 'The use of biodata for employee selection: Past research and future implications.'
2009,human resource management review - human resource,no. 3,pp. 219-231,vol. 19
Performance appraisal is the systematic evaluation of employees with respect to their performance on their job and their potential for development. In other words, it is the process of measuring productivity in terms of efficiency and effectiveness.
The presentation comprised the strategy to improve employee performances through compensation and benefit. The presentation also includes case study of FMCG industry.
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.
Fringe benefits is also known as employee benefits which is provided by the employer to employee additional to the wages, it might in monetary or non monetary terms.
Running head EMPLOYEE COMPENSATION AND BENEFITSEMPLOYEE COMPENS.docxsusanschei
Running head: EMPLOYEE COMPENSATION AND BENEFITS
EMPLOYEE COMPENSATION AND BENEFITS 5
HRM 530 Assignment 5: Employee Compensation and Benefits
Section 1: Narrative
(Student’s Name)
(Professor’s Name)
(Course Title)
(Date of Submission)
Introduction
Employee compensation and benefits refers to the combination of wages, salaries and benefits that a worker receives as exchange for work done either in accordance to the formulated duties or in excesses of overtime and other viable bonuses. Compensation can be calculable hourly wages plus bonuses and incentives while benefits may include healthcare insurance policies and retirement savings. Thus, the total employee compensation and benefits may refer to collective gain components that a worker is paid for the services that he/she offers to an organization (Cardinal & Florin, 2012).
In this paper, the discussion will based according with a medium-based enterprise employee compensation and benefits package for a position of a secretary. A medium-based organization need to provide an elaborate employee compensation and benefits package to attract and retain employees such as secretaries. The competitive compensation and benefits package that befit a secretary position in a medium-based organization that anticipate future growth include annual salaries, retirement savings, salary increments, bonuses, paid time-off from work plans, employee non-monetary assistance plans, and group health benefits.
Compensation and Benefits Package for a new Secretary Position
Compensation and benefits package for a new secretary position in a medium-based organization need to be developed in accordance to the stipulated labor laws as well as to the benefits of an organization. In the first place, employing a secretary is very essential for an aspiring medium-based company and retaining the acquired professional skills should be a priority in addition to motivating the employee into improving performance. Furthermore, competition across the different industry players is leading to increased job turnover rates and therefore, developing a compensation and benefits package plan for new secretaries will include the most attractive offers.
The employee compensation and benefits plan for a new secretary should include annual salaries, retirement savings, salary increments and bonuses, payment plans for time-off from work duties, employee non-monetary assistance plans, and group health benefits. According to employment standards, annual salaried employments accosted with other various benefits are more preferred than hourly-based form of employment due to job-based security and rights to various benefits for the employee. In addition, annual salaried employment opportunities provide an organization with several advantages such as productivity, employee retention, improved skill acquisition, and tax benefits.
Thus, a secretary’s compensation plan that will be developed will be based on annual salary and shou ...
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
2. INTRODUCTION
Management is concerned with attracting and keeping employees, whose
performance meets at least minimum levels of acceptability and at keeping
absenteeism and turnover to tolerable levels
The provision of benefits and services can be and are important in maintain
the employees and reducing the turnover and absenteeism low.
The purpose of such benefits is to retain people in the organization and
stimulate them to greater effort and higher performance.
They foster loyalty and act as a security base for the employee.
3. Concept
Employee benefits and services –
Any benefits that the employee receives in addition to direct remuneration
‘Fringes embrace a broad range of benefits and services that employees receive
as part of their total package. It is based on critical job factors and
performance. Benefits and services however are indirect compensation
because they are usually extended as a condition of employment and are not
directly related to performance’
*fringe benefits are also called welfare expenses, wage supplements sub wages
or social charges, etc
4. Concept
Benefits and compensation provided to the employees
usually depend on the conditions of employment and
other factors like security, safety, health, welfare and
recreation of employees
These benefit programs must be managed carefully to
enhance recruitment and to boost the morale of the
employees
5. Why Organizations Provide Benefits
Employee demand: To meet rising prices and increased
cost of living employees demand various types of benefits
Example: Variable dearness allowance, Enhanced HRA
o Trade union demands: The growth and strength of trade
unions has substantial influence on the benefits and
services a company offers
Employer’s preferences: Employers prefer to give benefits
to employees as it enhances employee’s morale and works
as an effective motivational tool provided it is within the
accepted norms and limits
6. Factors influencing the decision to set up a particular employee
benefit and service program
Cost
Ability to pay
Needs of the employees
Bargaining strength of the trade union
Tax consideration
Social responsibility
The reaction of employees
7. Coverage of Benefits
1. Payment for time not worked
(a) Vacation
(b) Holidays
(c) Sick leave
(d) Miscellaneous types of non-working plans
(e) Shifts premium
9. 3. Safety benefits
4. Health Benefits
(a) Medical benefit or insurance
(b) Managed care
Health maintenance organization
Preferred-provider organization
12. 9. Old age and retirement benefits
(a) Provident fund
(b) Pension
(c)Deposit linked insurance
(d) Medical benefit
(e) Gratuity
(f) Retirement counseling
13. Employee services
In addition to fringe benefits, organizations also provide
services that employees find desirable.
These services are provided at low or no cost to the
employee.
These are provided at the discretion of the management
with consultation with the trade unions.
14. These services include
Services related to type of work performed- includes subsidies for the purchase
and upkeep of work clothing and uniform.
Eating facilities
Transportation facilities
Child care facilities
Housing services
Financial and legal services
Recreational, cultural and social programs
Educational services
Medical services
Outplacement services
Flexible time
Cafeteria service
15. Fringe benefits in India
When a study was conducted , it was revealed that
19,60,981 companies pay little over 2148.3 million in
wages and fringe benefits per year in India.
The fringe benefits were high in mining and plantation
industries low and very low in manufacturing sector.
The quantum of the bonus varied sector to sector
A. Payments for time not worked
B. Statutory fringe benefits
C. Voluntary benefits
16. Problems raised by benefit programs
Charge of Paternalism = When too many benefits & services are offered to
employees , a feeling develops that employers are playing the role of parents
and workers are looked upon as children.
Excessive Expenditure = It’s a very costly affair and involves a great deal of
paper work
Maintenance of least productive worker = With increase in benefits and
services employees ,particularly when they are not very productive ,tend to
stick to their jobs and are not interested in changing them.
Neglect of other personnel functions = Due to excessive concern from
management they stop emphasizing on other aspects of personnel programs
which can develop a concern among the employees .
17. Administration of benefits and services
Organizations have seldom established objectives, systematic plans and
standards to determine the variability of the program
Lack of employee participation
Managers take little interest in benefits program and trade unions are almost
hostile to schemes
Employees have little awareness about such programs
These problems can be avoided if following steps are taken:
- To establish benefit objectives
- To assess environmental factors
- To assess competitiveness
- To communicate benefit information
- To control benefit costs and evaluation