This document provides an overview of gain sharing compensation management. It explains that gain sharing is a system used by businesses to motivate employees to improve performance and share financially in the gains from those improvements. The document outlines that gain sharing has two key parts - a bonus calculation and a structured employee involvement system - and is best viewed as an organizational development tool aimed at improving performance and eliminating waste. It also notes that gain sharing works best when employees are responsible for production quality and quantity and encourages ways to improve processes.
This topic is about the management of human resource in a efficient way for the betterment of an organization and how it can be used to stabilize and economically power the employee as well as the organization.
Approaches to Workplace Discipline - Industrial Relationsmanumelwin
Handling employee misconduct is a very critical task to be performed by the senior managers. Misconduct and other offensive behaviors often lead to decreased levels of productivity as they affect the individual performance of the employees.
Discipline, Grievance and Industrial Relations.Anubha Rastogi
Grievance is the first requisite that leads to indiscipline. Effective grievance handling is not only crucial to maintain harmony but also employee satisfaction.
This topic is about the management of human resource in a efficient way for the betterment of an organization and how it can be used to stabilize and economically power the employee as well as the organization.
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Handling employee misconduct is a very critical task to be performed by the senior managers. Misconduct and other offensive behaviors often lead to decreased levels of productivity as they affect the individual performance of the employees.
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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
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
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
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
Kesejahteraan Pekerja harus ditingkatkan seiring dengan kenaikan kebutuhan hidup layak, namun demikian perlu juga mengetahui bagaimana kemampuan perusahaan untuk mensejahterakan mereka, artinya dalam organisasi perusahaan kesejahteraan merupakan kebutuhan dasar bagi Pekeja, Pengusaha dan Pelanggan. untuk itu perlu dicari solusi yang dapat mengakomodir kebuthan ketiga pihak tersebut agar mereka lebih sejahtera
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The presentation would help understand the science behind Incentives covering the various aspects of it with giving a brief idea on creating an effective incentives plan
Risks are potential problems that might affect the successful completion of a software project. Risks involve uncertainty and potential losses. Risk analysis and management are intended to help a software team understand and manage uncertainty during the development process. The important thing is to remember that things can go wrong and to make plans to minimize their impact when they do. The work product is called a Risk Mitigation, Monitoring, and Management Plan (RMMM).
Types of bonus - compensation management - Manu Melwin Joymanumelwin
One very basic type of bonus program is current profit sharing. A company sets aside a predetermined amount, usually between 2.5 and 7.5 percent of payroll but sometimes as high as 15 percent, as a bonus on top of base salary.
Objectives of compensation management - compensation management - Manu Melw...manumelwin
To attract highly capable and efficient employees so that their efforts produces higher organizational performance.
To retain talented employees for continuance of organizational performance and attainment of higher levels of competence.
Role of compensation in organization - compensation management - Manu Melwi...manumelwin
Compensation is fundamental to organization formation and its existence. People work to earn their living and organization compensates employees by providing monetary and non monetary benefits and other amenities for producing goods and services.
Bonus - compensation management - Manu Melwin Joymanumelwin
Bonus pay is compensation over and above the amount of pay specified as a base salary or hourly rate of pay. The base amount of compensation is specified in the employee offer letter, in the employee personnel file, or in a contract.
Significance of training and development - Manu Melwin Joymanumelwin
Training is crucial for organizational development and success. An employee will become more efficient and productive if he is trained well. Training and development are very vital in any firm that aims at progressing. Training simply refers to the process of acquiring the essential skills required for a certain job.
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Executive compensation or executive pay is composed of the financial compensation and other non-financial awards received by an executive from their firm for their service to the organization.
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This phase consists of monitoring and reviewing the progress of the actions by collecting feedback about the changes introduced.
Making modification in case need arise. Mid-course corrections.
In case some new problems are revealed in the collection of data (survey/consultation process) another phase is commenced.
Benefits of job evaluation - compensation management - Manu Melwin Joymanumelwin
It offers a systematic procedure for determining the relative worth of jobs. Jobs are ranked on the basis of rational criteria such as skill, education, experience, responsibilities, hazards, etc., and are priced accordingly.
Approaches to strategic hrm - high-performance management - strategic human ...manumelwin
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EFFECTIVENESS OF REWARD SYSTEM AND APPRAISAL SYSTEM IN INCREASIN.docxtoltonkendal
EFFECTIVENESS OF REWARD SYSTEM AND APPRAISAL SYSTEM IN INCREASING THE RETENTIONS AND PRODUCTIVITY OF EMPLOYEES IN RETAIL SECTOR
STUDENT’S NAME:
PROFESSOR’S NAME:
Chapter 1: Introduction1.1 Introduction
The Human Resource Department plays an important role in ensuring that all units of a business are integrated. This is attained through employee management; performing appraisals and rewarding of well-performing employees. Rewards appraisal is significant in raising the employee motivation and levels of performances (Hendry, 2012).
Reward system is a motivating strategy to employees that enable them to perform at the highest level. Employees take pride of their work when they are ware that their job offers them security and opportunities for advancement. It is necessary to recognize that there is no right or wrong systems for rewards but there are those that will make employees to be more motivated than others.
On the other hand an appraisal system assists the management in evaluating the performance of employees on the job so as to develop a system that is fair for promotion and wage increment. Appraisal systems is also evident in helping the employees improve on their performance and also enable the company to devise and reorganize the job functions so as to better fit the employees with the position available. Performance appraisal is usually done on periodic basis general and systematic processes that access the performance and productivity of the employees in accordance with the pre-determined objective and criteria of the company. 1.2 Background Information
The relationship and connection between reward systems, motivation as well as job satisfaction of the workforce play an essential role in the success of the business regardless of the size. Employees expect to gain both financial and non-financial rewards so that they are motivated to work for the company. Some employees prefer to have financial reward while other non-financial rewards. This becomes necessary for the researcher to identify the effective reward systems that should be embraced by the company especially those in retail business (Ibrar & Khan, 2015).
Performance appraisal is recognizes to be a tool that spur employees to attain the goal of the organizations. Employees are in most cases driven by their attitude towards the jobs they doo which has a great impact on the level of productivity and retention. This makes the appraisal systems to be an indispensable part of the organization in the process of developing employees cognizant of their growth and performance improvement, their potentiality and abilities.
Performance appraisal systems impose a substantial impact to other human resource aspects and strategies of the organization at large. Effective performance appraisal is key bedrock in ensuring that the success of employees matters such as employee motivation, selection and training. There is need for the company to develop and reveal th.
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2. Prepared By
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Manu Melwin Joy
Assistant Professor
Ilahia School of Management Studies
Kerala, India.
Phone – 9744551114
Mail – manu_melwinjoy@yahoo.com
3. Gain Sharing
• Gain sharing is a system of
management used by a
business to increase
profitability by motivating
employees to improve their
performance through
involvement and
participation. As their
performance improves,
employees share financially
in the gain (improvement).
4. Gain Sharing
• Gainsharing’s goal is to
improve performance and
eliminate waste (time,
energy, and materials) by
motivating employees to
work smarter as a team
rather than just working
harder.
5. Gain Sharing
• There are two important
parts of a Gain sharing
system. One is a bonus
calculation. The second is a
structured system for
employee involvement.
Because of these two parts,
Gain sharing is best seen as
an "organizational
development" tool.
6. Gain Sharing
• This type of bonus program
is most common in
manufacturing plants and is
designed to reward
productivity and improved
product quality.
7. Gain Sharing
• Gain sharing works best when
employees become responsible
for production quantity and
quality and are encouraged to
improve the way the product is
made. This program reflects a
philosophy that employees
know their job best.
8. Gain Sharing
• Gain sharing programs pay
out bonuses for statistical
improvements in production
and quality on a quarterly or
sometimes monthly basis,
providing a sense of
excitement for participants.
9. Gain Sharing
• These programs are often
very successful, transforming
the manufacturing plant into
a center of employee
commitment.
