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The document discusses compensation and incentive plans for employees. It covers establishing equitable pay levels both internally and externally. Various forms of pay are mentioned including fixed compensation, variable pay tied to performance or productivity, and benefits. Individual, group, and organizational incentive plans are examined along with factors that enable their success. The document recommends a balanced approach of fixed and variable pay tailored to employee levels.
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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 different types of compensation and reward plans. It covers intrinsic and extrinsic rewards, financial and non-financial rewards, and performance-based and membership-based rewards. It also discusses incentive compensation plans including individual, group, and plant-wide incentives. Executive compensation programs and international compensation approaches are also summarized.
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This document discusses different types of compensation and reward plans. It covers intrinsic and extrinsic rewards, financial and non-financial rewards, and performance-based and membership-based rewards. It also discusses incentive compensation plans including individual, group, and plant-wide incentives. Executive compensation programs and international compensation approaches are also summarized.
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The document discusses compensation surveys, which are used by organizations to determine prevailing market rates and design competitive compensation strategies. It outlines the importance of compensation and benefits in motivating employees and reinforcing organizational culture. It then describes the objectives and types of compensation surveys, including standard and customized surveys. Steps for conducting an effective salary survey are also provided, such as determining an appropriate sample, comparing data accurately, and evaluating a survey's validity.
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Job Evaluation
Job evaluation is a systematic way to determine the relative worth of jobs within an organization. It aims to establish a rational pay structure by comparing jobs based on factors like skill, effort, and responsibility required. The main methods of job evaluation are ranking, classification, factor comparison, and point method. Ranking simply arranges jobs in order of value, while classification groups similar jobs into predefined grades. Factor comparison and point method assign scores to jobs based on how they rate on important compensable factors. While objective, job evaluation still involves some subjectivity and may require periodic review.
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The document discusses the history and purpose of compensation. It outlines the main forms of compensation including wages, salary, and benefits. The purpose of compensation is to ensure equity, efficiency, attract talent, reward performance, and motivate/retain staff. Compensation strategy is aligned with business strategy and contingent on legal/market factors. Components of compensation include basic pay, allowances, paid time off, insurance, and retirement benefits. Different compensation models are traditional, cafeteria, and combined models. Compensation structure in India has evolved over time. Executive compensation principles include shareholder alignment, short/long term incentives, and global consistency through cash, fixed pay, variable pay, and equity. Challenges in executive compensation include balancing different
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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.
2. To ensure pay equity going forward using your point method: conduct annual pay equity audits comparing pay by gender within each job class; educate managers on setting pay objectively based only on point factors, not other attributes; establish a process for employees to confidentially report inequities and investigate/address any issues found.
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This document discusses compensation and employee benefits. It defines compensation as remuneration received by employees in exchange for their contributions. Compensation management is part of human resource management and helps motivate employees. There are different types of compensation including base pay, incentives, and benefits. Benefits provide indirect value to employees and include legally required programs as well as voluntary benefits provided by employers. The document outlines considerations for establishing compensation and benefit programs.
1.IntroductiontoStrategicCompensation.ppt
The document discusses strategic compensation management. It defines compensation as both intrinsic and extrinsic rewards employees receive for their work. Intrinsic rewards come from performing meaningful work, while extrinsic rewards include monetary pay as well as benefits. Compensation includes salaries, wages, perks/benefits, and allowances. Strategic compensation decisions are guided by factors like organizational culture, national culture, and legislation. Compensation strategies must support both human resource strategies and competitive business strategies.
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Presentation on Total Reward Management Model
The document provides an overview of total rewards management. It discusses that total rewards includes all compensation and benefits that employees value in the employment relationship, including pay, benefits, work-life programs, and professional development. It emphasizes that retaining top talent is important to business success and that engaged employees can significantly impact business outcomes like revenues, profits, and growth. The document also covers considerations for re-tuning total rewards programs, such as trends in compensation, benefits, healthcare, private exchanges, and base pay. It stresses that professional development and leadership have a direct impact on retaining critical talent.
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Performance decisions reward decisions
This document discusses reward systems and compensation. It defines reward systems as mechanisms for distributing tangible returns like cash compensation and intangible or relational returns. Reward management is concerned with formulating fair and equitable reward strategies, designing and maintaining the overall reward system, and deciding on financial and non-financial rewards. Compensation typically includes base pay, contingent pay based on performance, incentives, and employee benefits. The effectiveness of compensation plans depends on appropriately linking rewards to performance and organizational goals.
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The document discusses variable pay, including:
- Variable pay aims to reward employees for objectives and results beyond regular job responsibilities, while fixed pay compensates for day-to-day work.
- There are three categories of variable pay: incentives, bonuses, and recognition. Incentives are tied to pre-determined criteria while bonuses are for completing specific tasks. Recognition is more subjective.
- An effective variable pay program is linked to business objectives, has clear purposes and performance measures, and considers factors like eligibility, funding, and implementation.
- In India, the ratio of fixed to variable pay is shifting, with variable pay expected to increase to 25-30% on average from the previous 10-
GROUP-5-PPT.pdf
This document discusses employee compensation and benefits. It outlines the objectives of compensation as focusing employee effort, attracting quality employees, retaining top performers, and motivating employees. The main components of compensation are salaries, wages, and benefits received in exchange for work. Benefits can include health insurance, retirement contributions, disability insurance, and more. Determining pay rates considers factors like the employee's job, market rates, and job evaluation methods that compare roles. Both direct compensation like salaries and bonuses, and indirect compensation like benefits and equity programs are discussed. The document also covers nontaxable benefits and how benefits are classified.
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This document discusses compensation and benefits for employees. It defines direct compensation as monetary benefits like salary, bonuses, and allowances given regularly. Indirect compensation refers to non-monetary benefits like leave policies, insurance, and retirement benefits. The goal of compensation is to attract, retain, and motivate qualified employees by offering competitive pay and incentives based on job performance. An effective compensation system is designed by considering the organization's goals and balancing both direct and indirect rewards.
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The document discusses the main components of compensation which are broadly grouped into four categories: base pay, incentive pay, benefits, and wage and salary add-ons. Base pay is the fixed guaranteed pay an employee receives. Incentive pay rewards employees for exceeding goals or expectations. Benefits provide non-financial value to employees like health insurance. Wage and salary add-ons provide additional financial security and include things like overtime pay. Determining appropriate pay rates involves considering internal factors like job performance as well as external factors like market rates and cost of living.
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The document discusses employee compensation and benefits. It covers types of compensation including base pay, wages, salary, and variable pay. It also discusses different types of benefits programs including health insurance, paid time off, family leave, and retirement plans. The goal of compensation and benefits programs is to attract, retain, and motivate employees while complying with laws and being cost effective for the organization.
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- 3. โข To acquire qualified competent personnel โข To retain the present employees โข To secure internal and external equity โข โข To ensured desired behavior
- 4. BASIC + HRA +Travelling allowance +Medical Reimbursement+ DA Fringe Benefits , Perks , Incentives Provident Fund + Professional Tax
- 5. PAY FOR KNOWLEDGE SKILL BASED PAY Broad banding
- 6. Remuneration in comparable industries Firmโs ability to pay Productivity Union Pressure Cost of living Government Legislation
- 9. Necessary Conditions For Individual Incentive Plans TypesHalsey Premium Plan , Rowan Plan , Straight Piece Rate , Differential Piece Rate System , Taylorโs Piece Rate Plan , Merricโs Piece Rate Plan 9
- 10. Conditions for Successful Group/Team Incentives 10
- 11. Some other methods for Variable incentives โข โข โข โข โข โข โข Profit Sharing Gain Sharing Employee Stock Ownership Plan Bonus Awards Recognition Awards Gratuity Pay
- 13. ๏ง Moderate towards Variable compensation ๏ง We believe in long-term Incentive plans ๏ง % increments are higher at junior level ๏ง Fixed + Variable plan ๏ง 60 % + 40 % (senior level) ๏ง 40 % + 60 % (higher level) ๏ง Pay of variables at last quarter of the year
Editor's Notes
- Nitiket
- Nitiket
- Nitiket
- Suvidha
- Suvidha
- Avichal
- Avichal
- Himangshu
- Himangshu
- avichal
- sandeep
- suvidha