Job Evaluation: concept, process, compensation: concept, components, Designing and Administering the Wage and Salary Structure, Grievance Procedure and Handling.IT is about maintainence of HUMAN 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.
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
Understand Human Resource Planning (HRP) and purpose of HRP.
Identify the relationship between strategy and HRP.
Identify the steps of HR planning process.
Describe the approaches to understand the jobs.
Discuss the phases of job analysis, including what it is and how it’s used.
Design model for forecasting HR requirements and employee requisition form.
Develop job descriptions , including summaries and job functions, using the Internet and traditional methods by using Job analysis questionnaire.
Develop job specifications using the Internet as well as your judgment.
Explain job analysis in a “jobless” world, including what it means and how it’s done in practice.
This ppt will help you to understand about various HR challenges in current business environment & give you a brief insight to increase your conceptual idea in HR field.
Functions of Human Resource Management Ankita Shah
This presentation consist of 7 main important functions of Human Resource Management. It gives a brief information that how important Human Resources are in any organisation now a days.
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.
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
Understand Human Resource Planning (HRP) and purpose of HRP.
Identify the relationship between strategy and HRP.
Identify the steps of HR planning process.
Describe the approaches to understand the jobs.
Discuss the phases of job analysis, including what it is and how it’s used.
Design model for forecasting HR requirements and employee requisition form.
Develop job descriptions , including summaries and job functions, using the Internet and traditional methods by using Job analysis questionnaire.
Develop job specifications using the Internet as well as your judgment.
Explain job analysis in a “jobless” world, including what it means and how it’s done in practice.
This ppt will help you to understand about various HR challenges in current business environment & give you a brief insight to increase your conceptual idea in HR field.
Functions of Human Resource Management Ankita Shah
This presentation consist of 7 main important functions of Human Resource Management. It gives a brief information that how important Human Resources are in any organisation now a days.
Employment Issues in Mergers and AcquisitionsMark Stansbury
A look at common employment-related issues that come up in mergers and acquisitions, and a few ways to deal with them. Begins with a brief overview of M&A and basic deal structures.
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.
- Compensation
- Compensation Administration
- Types of Compensation
- Objectives of Compensation
- Nature of Compensation
- Principles of Wage and Salary Administration
- Components of Salary Administration
It is important to ensure that the approach taken is guided by the compensation philosophy and is applied consistently. Ensuring that established guidelines are followed will prevent offering a compensation package so tailored to a person that the organization is jeopardized by having too heavy a financial burden or that flexible arrangements actually hinder the critical work from being completed. It takes a carefully crafted balance between the organizational needs and the individual considerations to arrive at the optimal compensation structure.
Watch this expert-led webinar to learn effective tactics that high-volume hiring teams can use right now to attract top talent into their pipeline faster.
Accelerating AI Integration with Collaborative Learning - Kinga Petrovai - So...SocialHRCamp
Speaker: Kinga Petrovai
You have the new AI tools, but how can you help your team use them to their full potential? As technology is changing daily, it’s hard to learn and keep up with the latest developments. Help your team amplify their learning with a new collaborative learning approach called the Learning Hive.
This session outlines the Learning Hive approach that sets up collaborations that foster great learning without the need for L&D to produce content. The Learning Hive enables effective knowledge sharing where employees learn from each other and apply this learning to their work, all while building stronger community bonds. This approach amplifies the impact of other learning resources and fosters a culture of continuous learning within the organization.
Aashman Foundation Summer Internship .docxAmanHamza4
The internship opportunity I had with “Aasmaan Foundation” was a great chance for learning and professional development. Therefore, I consider myself a very lucky individual as I was provided with an opportunity to be a part of it. I am also grateful for having a chance to meet so many wonderful people and professionals who led me though this internship period.
I am using this opportunity to express my deepest gratitude and special thanks to “Munish Pundir” “Director “who despite being extraordinarily busy with “her/his” duties, took time out to hear, guide, and keep me on the correct path and allowing me to carry out my internship at their esteemed organization.
I further want to thank Prof. Shikha Gera, who helped me to better understand concepts of professionalism and become a better person and employee in my life.
I would also like to thank my parents and friends who helped me a lot during my life and this internship period. I perceive this opportunity as a big milestone in my career development. I will strive to use gained skills and knowledge in the best possible way, and I will continue to work on their improvement, to attain desired career objectives. Hope to continue cooperation with all of you in the future.
2. Job Evaluation
Determine the worth of one job in relation to that
of another without regard to the personalities.
It analyses & accesses the content of jobs, to
place them in some standard rank order.
It is used as a basis for a fair and logical
remuneration system.
3. Importance
To decide salary
Level of job
Importance of job
To reduce loss of time due to wage negotiation &
disputes.
5. JOB EVALUATION METHODS
Comparison Method Analysis Method
Entire Job Job Factors
Job Against Scale
Job Against Job
Classification Point Method
Ranking
Factor
Comparison
6. Comparison Method…
Ranking Method : on the basis of its title
Classification Method : on the basis of job as a
whole (degree of skill, responsibilities, physical
work & other job characteristics.)
7. Analytical Method…
Point Ranking Method : Job is broken down into
its component factors and then evaluated
separately rather than evaluating the job as a
whole.
Factor Comparison Method : Five factor are
mental requirements, skill requirements, physical
requirements, responsibilities & working
condition.
11. Compensation Management
Compensation provided to employees can direct in
the form of monetary benefits and/or indirect in the
form of non-monetary benefits known as perks, etc.
Compensation does not include only salary but it is
the sum total of all rewards and allowances provided
to the employees in return for their services.
13. Direct Compensation
Direct compensation refers to monetary benefits
offered and provided to employees in return of
the services they provide to the organization.
15. Components in Direct Compensation
Basic Salary
HRA (House Rent Allowance)
CA (Conveyance Allowance)
LTA (Leave Travel Allowance)
Medical Reimbursement
Bonus (Salary Bonus)
SA (Special Allowance)
16. Components in Direct Compensation
1) HRA (House Rent Allowance):
Organizations either provide accommodations to
its employees who are from different state or
country or they provide house rent allowances to
its employees
17. Components in Direct Compensation
2) Conveyance :
Organizations provide for cab facilities to their
employees. Few organizations also provide
vehicles and petrol allowances to their employees
to motivate them.
18. Components in Direct Compensation
3) Leave Travel Allowance:
These allowances are provided to retain the best
talent in the organization.
The employees are given allowances to visit any
place they wish with their families.
The allowances are scaled as per the position of
employee in the organization.
19. Components in Direct Compensation
4) Medical Reimbursement :
Organizations also look after the health
conditions of their employees.
The employees are provided with medi-claims for
them and their family members.
These medi-claims include health-insurances
and treatment bills reimbursements
20. Components in Direct Compensation
5) Bonus:
Bonus is paid to the employees during festive
seasons to motivate them and provide them the
social security .
The bonus amount usually amounts to one
month’s salary of the employee.
21. Components in Direct Compensation
6) Special Allowance :
Special allowance such as overtime, mobile
allowances, meals, commissions, travel
expenses, reduced interest loans; insurance, club
memberships, etc are provided to employees for
motivation and company’s productivity.
22. Indirect Compensation
Indirect compensation refers to non-monetary
benefits offered and provided to employees in lieu
of the services provided by them to the
organization.
They include Leave Policy, Overtime Policy, Car
policy, Hospitalization, Insurance, Leave travel
Assistance Limits, Retirement Benefits, Holiday
Homes.
25. Components in Indirect
Compensation
1) Leave Policy:
It is the right of employee to get adequate
number of leave while working with the
organization.
The Leave Policy differs in every organization.
The organizations provide for paid leaves
such as, casual leaves, medical leaves (sick
leave), and maternity leaves, statutory pay,
etc.
26. Components in Indirect
Compensation
2) Overtime Policy :
Employees should be provided with the adequate
allowances and facilities during their overtime, if
they happened to do so, such as transport
facilities, etc.
27. Components in Indirect
Compensation
3) Hospitalization :
The employees should be provided allowances to
get their regular check-ups, say at an interval of
one year.
Even their dependents should be eligible for the
medi-claims that provide them emotional and
social security.
28. Components in Indirect
Compensation
4) Insurance :
Organizations also provide for accidental
insurance and life insurance for employees.
This gives them the emotional security and they
feel themselves valued in the organization.
29. Components in Indirect
Compensation
5) Leave Travel :
The employees are provided with leaves and
travel allowances to go for holiday with their
families. Some organizations arrange for a tour
for the employees of the organization.
This is usually done to make the employees
stress free.
30. Components in Indirect
Compensation
6) Retirement Benefits :
Organizations provide for pension plans and
other benefits for their employees which benefits
them after they retire from the organization at the
prescribed age.
31. Components in Indirect
Compensation
7) Holiday Homes :
Organizations provide for holiday homes and
guest house for their employees at different
locations.
These holiday homes are usually located in
hill station and other most wanted holiday
spots.
The organizations make sure that the
employees do not face any kind of difficulties
during their stay in the guest house.
32. Components in Indirect
Compensation
8) Flexible Timings :
Organizations provide for flexible timings to the
employees who cannot come to work during
normal shifts due to their personal problems and
valid reasons.
34. Payroll Management
Payroll refers to the administration of
employees' salaries, wages, bonuses, net
pay, and deductions.
It consist of the employee ID, employee
name, date of joining, daily attendance record,
basic salary, allowances, overtime pay, bonus,
commissions, incentives, pay for holidays,
vacations and sickness, value of meals and
lodging etc.
There are some deductions such as PF,
taxes, loan installments or advances taken by
employee.
36. Payroll Management
Deductions such as tax and loan/advances
taken by the employee from organizations are
deducted only where applicable.
Dearness Allowance and House rent
allowance is provided at a fixed rate stated by
the employment law.
Provident fund is deducted from the gross
salary of employee on the monthly basis as
per the employment law, which is provided
later to the employee.
Organizations also contribute the same
amount to the provident fund of the employee.
37. Annual Payroll Management
What is Annual Payroll?
Annual payroll consists of leave travel
allowances, incentives, annual bonuses, meal
vouchers/reimbursements, and medical
reimbursements.
40. Incentive Management
In today’s strategic compensation systems,
incentives forms an integral part of the
performance based compensation packages.
It is a challenge for organizations to formulate
strategies to maintain the internal equity and
external equity and provide the most
competitive compensation packages to attract
and retain the talented workforce
41. Incentive Management
For the purpose effective incentives programs are
undertaken. Employees are involved in the
process so as to deliver un-biased packages to
all the employees.
The compensation strategies should be effective.
All the employees should be aware of the
organizational goals and objectives.
43. Benefits of Incentives
Deserving employees should receive
significant rewards .
Incentives accounts for employees’ high
productivity.
Today youngsters believe in performance
based pay, thus incentives will help to
motivate them to produce more.
In the hospitality and retail industry it is the
incentive that accounts for the overall
package of the employee.
45. COMPENTENCY MAPPING
Competency mapping is a way of assessing the
strengths and weaknesses of a worker or
organization.
It's about identifying a person's job skills and
strengths in areas like teamwork, leadership, and
decision-making.
Work History
46. Strengths in two major areas :
Functional – Practical Knowledge
Behavioral- Personal Skills