Employee benefits (CM).pptxbsjjznznmMamnwn
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This document discusses fringe benefits, which are supplemental compensation provided by employers to employees that are not part of wages or salaries. Popular definitions characterize fringe benefits as benefits provided for the benefit of employees that are not direct financial payments. Fringe benefits are an indirect form of compensation not linked to performance that accrue to all employees and are intended to attract talent, boost motivation, provide tax benefits, improve relations, promote camaraderie, and reassure employees of employer concern while reducing HR costs.
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This document discusses compensation and benefits programs. It begins by introducing the importance of having attractive compensation and benefits to motivate employees and reduce turnover. It then defines key terms like compensation, benefits, and compensation management. It outlines the goals of compensation management programs and different compensation theories. The document also discusses factors that affect salary ranges, the importance of developing a compensation administration program (CAP), and the steps to develop a CAP. Finally, it discusses some common issues in compensation management.
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This document discusses compensation, which refers to all forms of pay employees receive from their employment. It outlines the objectives, essentials, and principles of compensation. Compensation aims to establish equity, improve efficiency, allocate labor effectively, and control costs. Essentials include availability, timeliness, performance relation, and flexibility. Theories of compensation include reinforcement, expectancy, equity, and agency theories. Components of compensation include basic salary, bonuses, allowances, incentives, leave policies, overtime pay, healthcare benefits, insurance, and retirement benefits. Non-monetary compensation can include achievement, recognition, responsibility, influence, and personal growth.
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Compensation management involves designing total compensation packages to provide monetary and non-monetary value to employees in exchange for work. It aims to recruit and retain qualified employees, increase morale, and reward job performance. Compensation is important for attracting and retaining talent, motivating performance, ensuring cost-effectiveness, and building an institutionally effective organization that complies with legal requirements. Compensation includes direct monetary benefits like salary and allowances, and indirect non-monetary benefits like paid leave and insurance. It is determined based on factors like an employee's skills, responsibilities, working conditions, the organization's affordability, and market rates.
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This document provides information on compensation management. It discusses different types of compensation including direct compensation like salary and indirect compensation like benefits. It outlines objectives of compensation policies and benefits of compensation benchmarking for employers and employees. Key aspects of compensation covered include base salary, variable pay, benefits like insurance, retirement, flexible benefits and personal services. The document also discusses concepts like rewards, incentives and gratuity.
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This document discusses fringe benefits provided to employees. It defines fringe benefits as extra non-wage compensation given to employees in addition to their normal salaries. It outlines the main features of fringe benefits, the need for providing them, objectives of offering fringe benefits, common types of fringe benefits provided, principles for administering fringe benefits, and concludes that fringe benefits help improve employee loyalty and welfare while enhancing an organization's image.
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This document discusses fringe benefits provided to employees in addition to their normal wages. It defines fringe benefits as extra benefits given to all employees based on membership. It outlines the main features and objectives of fringe benefits, as well as the needs for providing them. The types of fringe benefits are described, including payment for time not worked, employee security benefits, health protection, and retirement benefits. Principles for administering fringe benefits effectively are also discussed.
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This document provides information on compensation management. It discusses different types of compensation including direct compensation like salary and indirect compensation like benefits. It outlines objectives of compensation policies and benefits of compensation benchmarking for employers and employees. Key aspects of compensation covered include base salary, variable pay, benefits like insurance, retirement, flexible benefits and personal services. The document also discusses concepts like rewards, incentives and gratuity.
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This document discusses fringe benefits provided to employees in addition to their normal wages. It defines fringe benefits as extra benefits given to all employees based on membership. It outlines the main features and objectives of fringe benefits, as well as the needs for providing them. The types of fringe benefits are described, including payment for time not worked, employee security benefits, health protection, and retirement benefits. Principles for administering fringe benefits effectively are also discussed.
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3. I would
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This document provides an overview of compensation management and job evaluation. It discusses compensation packages, which include basic pay, supplementary pay like fringe benefits, and incentive pay. Fringe benefits are indirect compensation provided in addition to wages and include items like paid time off and health insurance. Incentive plans provide extra pay to motivate higher performance. Job evaluation is the systematic process of determining the relative worth of jobs in an organization to establish a fair wage structure. Key methods of job evaluation include point rating and factor comparison.
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Compensation refers to the total cash and non-cash payments an employer provides to employees in exchange for their work. It includes regular wages as well as other types of pay and benefits. Compensation management involves designing and maintaining pay systems to improve organizational performance. Types of compensation include direct compensation like pay in the form of base salary and incentive pay, and indirect compensation like benefits such as paid time off, retirement plans, and services like housing and transportation assistance. The goal of compensation is to adequately and equitably reward employee contributions towards organizational objectives.
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Rewards or incentives are monetary benefits paid to employees to recognize outstanding performance beyond their salaries. A reward system is a plan to motivate individual or group performance through both monetary rewards like wages and bonuses as well as non-monetary rewards like promotions or appreciation. An effective reward system enhances employee motivation and performance, attracts and retains talent, and reduces absenteeism while supporting organizational goals. Both individual and group rewards are important, and rewards should be properly communicated and tied to competencies, availability, and behaviors.
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Compensation refers to the total cash and non-cash payments given to employees in exchange for their work. It includes wages as well as benefits like health insurance, retirement plans, and paid time off. The goals of compensation are to attract, retain, and motivate qualified employees while controlling costs and complying with legal regulations. Compensation management involves job analysis, descriptions, salary structures, and procedures to achieve these goals in a fair and consistent manner.
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This document discusses human resources topics related to performance, engagement, reward, and recognition. It covers performance management approaches focused on strengths rather than weaknesses. Key components of performance include mindset, environment, and teamwork. Employee engagement is important for business performance and can be built through leadership, managers, employee voice, and organizational integrity. Remuneration includes both financial rewards like base pay and benefits, as well as non-financial rewards from work itself. Total reward strategies consider all aspects of the working experience.
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Here are some potential responses to AstraZeneca's questions:
1. Possible non-discriminatory explanations for the pay differences could include differences in average years of experience, differences in average performance ratings if incentive pay was involved, or differences in roles and responsibilities if job descriptions were not tightly controlled. A detailed analysis of individual employee data would be needed to determine the true causes.
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Compensation management & job evaluation
This document provides an overview of compensation management and job evaluation. It discusses compensation packages, which include basic pay, supplementary pay like fringe benefits, and incentive pay. Fringe benefits are indirect compensation provided in addition to wages and include items like paid time off and health insurance. Incentive plans provide extra pay to motivate higher performance. Job evaluation is the systematic process of determining the relative worth of jobs in an organization to establish a fair wage structure. Key methods of job evaluation include point rating and factor comparison.
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- Principles of Wage and Salary Administration
- Components of Salary Administration
compensation.pptx
Compensation management involves designing total compensation packages to attract, motivate and retain employees. It includes direct pay like salary as well as indirect benefits. Compensation aims to achieve business goals while meeting legal requirements. Factors like an employee's role, market pay and organizational needs determine compensation. Common elements are basic pay, incentives, and statutory benefits. Recent trends include stock ownership plans and long-term incentive programs.
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This document discusses how rewards can be used as a motivational tool to improve employee performance. It defines rewards as tools that can attract, motivate and retain talented employees. There are intrinsic rewards like having meaningful work, and extrinsic rewards like compensation and benefits. When rewards are aligned with business and individual goals, they can enhance employment relationships, attract top talent, and increase flexibility and motivation. Overall, rewarding high performance leads to happier and more productive employees, higher trust in management, and better business outcomes like increased revenue and profits.
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This document discusses compensation structure and comparison. It defines compensation as monetary and non-monetary benefits provided to employees in exchange for work. Compensation objectives include increasing morale, recruiting/retaining employees, and rewarding performance. Compensation is important for attracting/retaining talent and motivating better performance. Types of compensation include direct compensation like salary and benefits, and indirect compensation like paid leave. Factors affecting compensation include job requirements, responsibility level, market rates, and organizational affordability.
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Payroll systems that determine compensation are an important part of business strategy, though debates continue on the best ways to reward employee performance. Objectives of compensation include attracting good employees and recognizing individual ability and effort, while being influenced by management philosophy, market forces, and regulations. Compensation includes direct payments as well as benefits like medical aid and pension that together form an employee's total compensation package.
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This document provides an introduction to compensation management. It defines compensation as all forms of pay received by employees in exchange for their work, including both financial and non-financial compensation. Financial compensation includes direct payments like salaries, wages, bonuses, and commissions as well as indirect fringe benefits like healthcare, retirement plans, and paid time off. Non-financial compensation includes recognition, job security, and responsibility. The objectives and principles of compensation management are discussed, such as acquiring qualified employees, ensuring pay equity, and controlling costs. Factors that influence compensation decisions include supply and demand for labor, cost of living, and union involvement.
Performance linked incentives2
This document discusses common group and organizational incentive plans including gain sharing plans, profit sharing plans, cafeteria plans, and employee stock ownership plans (ESOPs).
Gain sharing plans reward employees when productivity or other performance metrics improve above a target level. Profit sharing plans provide additional compensation to employees when company profits are high. Cafeteria plans allow employees some choice in their benefits. ESOPs grant employees ownership stakes in the company through stock options or shares.
Compensation ppt
Compensation management involves designing total compensation packages to attract, motivate and retain employees. It includes direct monetary compensation like salary and incentives, as well as indirect compensation like benefits. Compensation objectives are to recruit and retain talent, boost morale and performance, and ensure legal and internal pay equity. Various factors like an employee's role, skills, market pay and organizational budget affect compensation. Common components of compensation include salary, bonuses, statutory benefits, and stock ownership plans.
sdqalicompansationmgt-170705054838.pptx
Compensation is an important part of human resource management that influences employee motivation and organizational effectiveness. Compensation includes both direct monetary benefits like salary as well as indirect non-monetary benefits. Several factors influence how employees are compensated, including both external factors in the labor market like supply and demand, cost of living, and labor laws as well as internal organizational factors like compensation policies, job roles, and individual employee performance. Effective compensation programs are important for attracting, retaining, and motivating talent while also ensuring equity and legal compliance.
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Compensation refers to the total cash and non-cash payments an employer provides to employees in exchange for their work. It includes regular wages as well as other types of pay and benefits. Compensation management involves designing and maintaining pay systems to improve organizational performance. Types of compensation include direct compensation like pay in the form of base salary and incentive pay, and indirect compensation like benefits such as paid time off, retirement plans, and services like housing and transportation assistance. The goal of compensation is to adequately and equitably reward employee contributions towards organizational objectives.
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- 2. Presented to- Dr Anamika Sharma Presented by- Manvi Jain
- 3. CONCEPT • Popularly known as fringe benefits. • Supplemental Compensation. • Granted – voluntarily as a legal requirement as a part of collective negotiated agreement
- 4. POPULAR DEFINITIONS According to Cockmar, “Fringe benefits are those benefits which are provided by an employer to or for the benefits of an employee and which are not in the form of wages, salaries and time-related payments”. According to Gary Dessler, “Fringe benefits are defined as indirect financial or non-financial payments employees receive for continuing their employment with the organization”.
- 5. NATURE Indirect Compensation Not linked with performance Labour cost Accrues to all
- 6. OBJECTIVES • To attract the most talented job-seekers • To boost motivation of employees • To provide taxation benefits • To improve management-labour relations • To promote companionship among employees • To act as assurance of concern • To reduce HR cost