The document outlines the 3-P Compensation Concept which includes Pay for Position, Pay for Person, and Pay for Performance. [1] Pay for Position involves developing equitable pay grades based on qualifications and market surveys. [2] Pay for Person sets pay based on an individual's competencies and experience to attract key skills. [3] Pay for Performance designs bonus and incentive plans to motivate employees and shifts pay to variable compensation based on performance reviews.
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
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
PowerPoint presentation on Variable Pay Viren Patwa
Hello friends my self viren an i gonna share u PowerPoint presentation on Variable Pay with important details highlighted
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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
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
PowerPoint presentation on Variable Pay Viren Patwa
Hello friends my self viren an i gonna share u PowerPoint presentation on Variable Pay with important details highlighted
If u like my presentation pls like an share have a good thank you
After the office jobs have been priced and salary ranges established, a decision must be made on how salary increases will be provided, taking into consideration automatic salary progression, cost-of-living adjustment, pay for performance, and pay for skill. For certain kinds of office works, the AOM should consider the use of variable pay, whereby workers are rewarded for their increased production and outstanding performance.
establishing strategic pay plans
equity and its impact on pay rates
job evaluation methods
how to create a market-competitive pay plan
pricing managerial and professional jobs
contemporary topics in compensation
The achievement and benefit received by employees for their job performance in an organization are known as rewards. Employees join the organization within the certain expectation of reward. Some may be expecting for better salary and wages i.e., economic rewards while others may be seeking for facilities like accommodation, transportation, health, safety, and other benefits as rewards. Thus, economic and non-economic benefits provided by the organization to employees for their job performance regardless of their expectations is known as a reward. Employees must be communicated about the reward provision in an advance. (HRM)
An increasingly dynamic market in the GCC requires companies to plan for and minimize the movement of their top talent. Also, they must effectively address the increasing emphasis on "nationalization". This presentation offers help in these areas where needed.
Total rewards is a concept that describes all the tools available to an employer that may be used to attract, motivate, retains and engages the employee.
Total rewards may also refer to the function or department within HR that handles compensation and benefits, or the combined intrinsic and extrinsic rewards (or value) that an employee perceives.
System of Compensating (Time Wage Plan, Piece Wage Plan, Balanced Wage Plan, Skill Based Pay, Competency Based Pay, Broad-banding, Variable Pay, Merits of Time Wage, Demerits of Time Wage,Time Wage Plan Environment, Merits of Piece Wage, Demerits of Piece Wage, Piece Wage Plan Environment, Merits of Balanced Wage, Factors Affecting Wages)
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
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)
Building Market Competitive Compensation System – Integrating Internal Job Structure with External Market Pay Rates: Compensation Surveys, Choosing Compensation Survey Conducted by Third Parties
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
[Note: This is a partial preview. To download this presentation, visit:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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1. The 3-P Compensation Concept
Dr. G C Mohanta, BE(Mech), MSc(Engg), MBA, PhD(Mgt)
Professor
2. Pay for Position
• Develop an
equitable grading
structure
• Create a reference
salary structure
• Leverage
compensation costs
with market survey
information
3. Pay for Position
• Employee compensation is set in broadband based
on qualifications, education, training & experience.
• Through broad banding, narrowly structured pay
grades determined through job evaluation, are
replaced by fewer and wider bands.
• Employees progress up through broad band if
their performance ratings are good, rather than
through steps based on time in the grade.
• It reduces different compensation categories to
broad compensation bands, grouping jobs together
by common characteristic.
4. Pay for Person
• Determine
competency
requirements and
employee capabilities
• Pay individuals based
on their competency
match with position
• Identify and pay
market premium for
competencies in short
supply in the market.
5. Pay for Person
• Pay for person takes into account a
person’s capabilities and experience in
setting a pay level that is both equitable
and competitive.
• It considers the market demand of a
person’s unique skills and experience.
• Pay for person is associated with
competency based pay.
• It also incorporates market based pay
approach.
6. Pay for Performance
• Design annual bonus
and incentives plans
that motivate staff
• Shift from merit
salary increases to
variable pay
• Create long-term
reward plans -
stock options,
deferred
compensation and
phantom
7. Pay for Performance
• An individual’s performance is
managed through a performance
contract, comprising role
clarification, objectives setting and
review of performance.
• As an outcome a measure of
performance at corporate, unit and
individual level becomes the basis for
setting the performance pay.