This document discusses compensation and its various components. It begins by defining compensation as the extrinsic rewards employees receive in exchange for their work, such as wages, salaries, bonuses, and benefits. It then covers different types of direct compensation like pay and incentives, as well as indirect compensation like benefits and services. The document also discusses several theories of compensation including reinforcement theory, expectancy theory, equity theory, and agency theory. Finally, it outlines the major components of compensation, including basic wages/salaries, dearness allowance, commissions, profit sharing, fringe benefits, reimbursements, and sickness/pregnancy benefits.
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.
Supplementary compensation - compensation management - Manu Melwin Joymanumelwin
Now days the organizations use supplementary compensation over and above the base compensation. It helps in satisfying the employees as well as retaining them for long time.
Concept of Compensation, Exploring & Defining Compensation Context (Strategic Compensation, Total Compensation, Extrinsic Compensation, Intrinsic Compensation, Components of Compensation, Factors Influencing Compensation, Wage and Salary, Incentives, Fringe Benefits, Perquisites, Govt. Regulations for Compensation in India, Minimum Wage, Fair Wage, Living Wage, Calculation of Minimum Wages)
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.
Supplementary compensation - compensation management - Manu Melwin Joymanumelwin
Now days the organizations use supplementary compensation over and above the base compensation. It helps in satisfying the employees as well as retaining them for long time.
Concept of Compensation, Exploring & Defining Compensation Context (Strategic Compensation, Total Compensation, Extrinsic Compensation, Intrinsic Compensation, Components of Compensation, Factors Influencing Compensation, Wage and Salary, Incentives, Fringe Benefits, Perquisites, Govt. Regulations for Compensation in India, Minimum Wage, Fair Wage, Living Wage, Calculation of Minimum Wages)
Conference Board Webcast, Top Tips for Securing Shareholder Approval of Share...Edward Hauder
This presentation was given by Edward Hauder of Exequity and Reid Pearson of The Altman Group on topi tips companies should consider when requesting shareholders approve a share request for their equity compensation plans
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
The presentation comprised the strategy to improve employee performances through compensation and benefit. The presentation also includes case study of FMCG industry.
- Compensation
- Compensation Administration
- Types of Compensation
- Objectives of Compensation
- Nature of Compensation
- Principles of Wage and Salary Administration
- Components of Salary Administration
certified compensation and benefits manager sample-materialVskills
The sample course material covers the following topics as under.
Introduction
Objectives of compensation management
Principles of compensation formulation
Types of wages and wage policies
Procedure and practices for wage determination
Compensation decisions
Compensation benchmarking
Compensation trends and practices in India
Get the complete material. Check more details on the below link.
http://www.vskills.in/certification/Human-Resources/Certified-Compensation-and-Benefits-Manager
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
5. To know what is CompensationTo know what is Compensation
To know Compensation typesTo know Compensation types
To know theories behind compensationTo know theories behind compensation
To relate classroom study with that of real lifeTo relate classroom study with that of real life
situationsituation
6. Extrinsic rewards that employees receive inExtrinsic rewards that employees receive in
exchange for their work.exchange for their work.
Composed of the base wage or salary andComposed of the base wage or salary and
incentives or bonuses and any benefitsincentives or bonuses and any benefits.
8. Remuneration provided to employees in exchange forRemuneration provided to employees in exchange for
their labor and services. What makes it direct is that ittheir labor and services. What makes it direct is that it
is given to the employee without an intermediary. Twois given to the employee without an intermediary. Two
Types Direct of compensation:Types Direct of compensation:
Pay: It consists of wages and salaries received forPay: It consists of wages and salaries received for
performing work.performing work.
Incentives: They are provided for higher performance.Incentives: They are provided for higher performance.
TYPES OF COMPENSATION (CONTD.)
10. TYPES OF COMPENSATION (CONTD.)
Provided for the employee’s benefit, but are not given
directly to the employee. Under indirect compensation
there are major two types of compensation
Benefit: The payment addition to pay
Services: They increase employee wellbeing at no cost or
significantly reduced cost to employee
13. Response followed by a reward is more likelyResponse followed by a reward is more likely
to recur in the future.to recur in the future.
The implication for compensationThe implication for compensation
management is that high employeemanagement is that high employee
performance followed by a monetary rewardperformance followed by a monetary reward
will make future high performance morewill make future high performance more
likely.likely.
The theory emphasizes the importance of aThe theory emphasizes the importance of a
person actually experiencing the reward.person actually experiencing the reward.
THEORY OF COMPENSATION ( CONTD.)THEORY OF COMPENSATION ( CONTD.)
14. Like reinforcement theory, expectancy theoryLike reinforcement theory, expectancy theory
(Vroom, 1964) focuses on the link between(Vroom, 1964) focuses on the link between
rewards and behaviors.rewards and behaviors.
People are motivated by intrinsic and extrinsicPeople are motivated by intrinsic and extrinsic
outcomes they desireoutcomes they desire
People will only be motivated if outcome isPeople will only be motivated if outcome is
possible.possible.
People will only be motivated if outcome isPeople will only be motivated if outcome is
contingent.contingent.
THEORY OF COMPENSATION ( CONTD.)THEORY OF COMPENSATION ( CONTD.)
15. Comparing inputs and outputs of a similar co-workerComparing inputs and outputs of a similar co-worker
Employee perceptions of what they contribute to theEmployee perceptions of what they contribute to the
Organization, what they get in return, and how theirOrganization, what they get in return, and how their
return-contribution ratio compares to others insidereturn-contribution ratio compares to others inside
and outside the organization,' determine how far theyand outside the organization,' determine how far they
perceive their employment Relationship to beperceive their employment Relationship to be
(Adams, 1963).(Adams, 1963).
Perceived inequity affects employee effortPerceived inequity affects employee effort
EQUITY THEORY
16. Focuses on the divergent interests and goals of theFocuses on the divergent interests and goals of the
organization's stakeholders, and the ways that employeeorganization's stakeholders, and the ways that employee
compensation can be used to align these interests andcompensation can be used to align these interests and
goals (Eisenhardt, 1989; Fama & Jensen, 1983).goals (Eisenhardt, 1989; Fama & Jensen, 1983).
depends partly on the following factors :depends partly on the following factors :
- Risk aversion.- Risk aversion.
- Job programmability.- Job programmability.
- Measurable job outcomes.- Measurable job outcomes.
- Ability to pay.- Ability to pay.
- Tradition.- Tradition.
17.
18. Cash component of the wage structure based on whichCash component of the wage structure based on which
other elements of compensation may be structured.other elements of compensation may be structured.
Normally a fixed amount which is subject to changesNormally a fixed amount which is subject to changes
based on annual increments.based on annual increments.
Dearness allowance
The payment of dearness allowance facilitates employeesThe payment of dearness allowance facilitates employees
and workers to face the price increase or inflation of pricesand workers to face the price increase or inflation of prices
of goods and services.of goods and services.
The payment may be a fixed percentage on the basic wage.The payment may be a fixed percentage on the basic wage.
Basic wages/Salaries
19. Can be fixed percentage on the basic wage paid annuallyCan be fixed percentage on the basic wage paid annually
or in proportion to the profitability.or in proportion to the profitability.
The Government also prescribes a minimum statutoryThe Government also prescribes a minimum statutory
bonus for all employees and workers.bonus for all employees and workers.
There is also a bonus plan which compensates theThere is also a bonus plan which compensates the
Managers and employees based on the sales revenue orManagers and employees based on the sales revenue or
Profit margin achieved.Profit margin achieved.
Commissions
May be based on the sales revenue or profitsMay be based on the sales revenue or profits
always a fixed percentage on the target achieved.always a fixed percentage on the target achieved.
MAJOR COMPONENTS (CONTD.)MAJOR COMPONENTS (CONTD.)
20. Also called combination or mixed planAlso called combination or mixed plan
Apart from the salaries paid, the employees may beApart from the salaries paid, the employees may be
eligible for a fixed percentage of commission uponeligible for a fixed percentage of commission upon
achievement of fixed target of sales or profits orachievement of fixed target of sales or profits or
Performance objectivesPerformance objectives
Paid wages for each of the Quantity producedPaid wages for each of the Quantity produced
Piece rate wages improves productivityPiece rate wages improves productivity
MAJOR COMPONENTS (CONTD.)MAJOR COMPONENTS (CONTD.)
21. Profit sharing payments
Paid through payment of cash or through ESOPS.
Attracts competitiveness and improved productivity.
Fringe Benefits
The provision of fringe benefits does not attract any explanation.
These include.
Company cars
Paid vacations
Membership of social/cultural clubs
Entertainment tickets/allowances.
Discounted travel tickets.
Family vacation packages
MAJOR COMPONENTS (CONTD.)MAJOR COMPONENTS (CONTD.)
22. Reimbursements
Based on the Expenses incurred and substantiated.
In many cases, employers provide advances to the employees
for incurring certain expenses
Some examples are: Travel expenses, Entertainment expenses,
Out of pocket expenses.
Sickness benefits/pregnancy
Payments during pregnancy of women employees, injury or
illness.
supporting financial benefits to the family of the bereaved
employees.
MAJOR COMPONENTS (CONTD.)MAJOR COMPONENTS (CONTD.)