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This document discusses compensation and its importance. Compensation refers to all forms of payment and benefits received by employees in exchange for their work. It has several objectives like attracting qualified employees, increasing morale, and rewarding performance. Compensation consists of direct monetary benefits like salary as well as indirect non-monetary benefits like paid leave. Elements of compensation include minimum wage, fair wage, living wage, salary, incentives, dearness allowance, perquisites, and fringe benefits.
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It is a ppt on compensation, which is very important to study . This ppt is in very simple language which is very easy to understand and learn
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This document defines compensation and its objectives, discusses factors that influence compensation, and describes the various types of direct and indirect compensation. The key objectives of compensation are to attract, retain, and motivate qualified employees. Compensation includes direct wages/salaries as well as indirect benefits and is influenced by market rates, cost of living, productivity, and other economic factors. Common types of direct compensation are salary, wages, bonuses, and commissions, while indirect compensation includes benefits like healthcare, paid time off, and retirement plans.
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This document discusses compensation and its importance. Compensation refers to all forms of payment and benefits received by employees in exchange for their work. It has several objectives like attracting qualified employees, increasing morale, and rewarding performance. Compensation consists of direct monetary benefits like salary as well as indirect non-monetary benefits like paid leave. Elements of compensation include minimum wage, fair wage, living wage, salary, incentives, dearness allowance, perquisites, and fringe benefits.
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It is a ppt on compensation, which is very important to study . This ppt is in very simple language which is very easy to understand and learn
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This document defines compensation and its objectives, discusses factors that influence compensation, and describes the various types of direct and indirect compensation. The key objectives of compensation are to attract, retain, and motivate qualified employees. Compensation includes direct wages/salaries as well as indirect benefits and is influenced by market rates, cost of living, productivity, and other economic factors. Common types of direct compensation are salary, wages, bonuses, and commissions, while indirect compensation includes benefits like healthcare, paid time off, and retirement plans.
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1) Compensation refers to all forms of pay received by employees in exchange for work performed, including direct cash payments, indirect payments like benefits, and incentives.
2) Strategic compensation aims to align compensation packages with business goals and objectives to retain valuable employees.
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Compensation management refers to all forms of financial and non-financial rewards provided to employees in exchange for their services. It aims to attract, retain and motivate personnel while optimizing costs. The compensation management process involves analyzing factors like the organization's strategy, jobs, and market rates to design an appropriate compensation plan. Compensation includes wages/salaries, incentives, fringe benefits, and perquisites. Incentives can be individual or group-based, variable pay linked to productivity. Fringe benefits include statutory benefits like paid leave as well as voluntary benefits like transport and childcare. An effective compensation plan with the right mix of monetary and non-monetary rewards can motivate high performance.
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- Managing benefits involves cost control, communication strategies, and regulatory compliance. Employers aim to control costs while attracting high quality employees.
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The document discusses the main components of a compensation system that firms offer employees. It defines compensation and identifies its four main components: wages/salary, employee benefits, non-recurring financial rewards, and non-pecuniary rewards. It then describes the various components of a compensation system in detail, including basic wages/salaries, allowances like dearness allowance, incentives, bonuses, non-monetary benefits, commissions, mixed plans, piece rate wages, fringe benefits, and profit sharing. Both direct/base compensation like basic salary and indirect/supplementary compensation like leave policies are examined.
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Compensation, salaries, and wages can be defined as the set of rewards organizations provide to individuals in exchange for their work. It includes direct compensation like base pay and bonuses, as well as indirect compensation like benefits and quality of work life factors. Compensation aims to be adequate, equitable, balanced, cost-effective, secure, incentive-providing, acceptable, and compliant with legal regulations. It is structured through pay grades, pay ranges with minimum, midpoint and maximum rates. Benefits are an important part of total compensation and include mandated benefits, voluntary benefits, and employee services. They are classified and their costs analyzed to understand the overall compensation package.
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Concept of compensation exploring defining concept
1) Compensation refers to all forms of pay received by employees in exchange for work performed, including direct cash payments, indirect payments like benefits, and incentives.
2) Strategic compensation aims to align compensation packages with business goals and objectives to retain valuable employees.
3) Total compensation includes core compensation like salary and wages, adjustments for cost-of-living, seniority, merit, incentives, as well as legally required benefits, discretionary benefits, and intrinsic rewards from characteristics of the job.
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The document discusses the main components of a compensation system that firms offer employees. It defines compensation and identifies its four main components: wages/salary, employee benefits, non-recurring financial rewards, and non-pecuniary rewards. It then describes the various components of a compensation system in detail, including basic wages/salaries, allowances like dearness allowance, incentives, bonuses, non-monetary benefits, commissions, mixed plans, piece rate wages, fringe benefits, and profit sharing. Both direct/base compensation like basic salary and indirect/supplementary compensation like leave policies are examined.
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Compensation, salaries, and wages can be defined as the set of rewards organizations provide to individuals in exchange for their work. It includes direct compensation like base pay and bonuses, as well as indirect compensation like benefits and quality of work life factors. Compensation aims to be adequate, equitable, balanced, cost-effective, secure, incentive-providing, acceptable, and compliant with legal regulations. It is structured through pay grades, pay ranges with minimum, midpoint and maximum rates. Benefits are an important part of total compensation and include mandated benefits, voluntary benefits, and employee services. They are classified and their costs analyzed to understand the overall compensation package.
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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.
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Compensation and benefits refer to the pay and indirect compensation provided to employees in exchange for their work. They are an important part of human resource management. Compensation includes salary and hourly wages, while benefits cover indirect pay like health insurance and retirement plans. Compensation and benefits packages motivate employees and impact retention when they are fair, clearly communicated, and meet employee needs and expectations.
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The document discusses various aspects of compensation including its meaning, forms, objectives, and administration. It defines compensation as money and benefits received by employees in exchange for their services. Compensation aims to attract, retain, and motivate talent. It includes wages, salaries, incentives, and fringe benefits like provident funds and insurance. Factors influencing wages are also discussed such as supply and demand for labor, cost of living, and productivity. The principles of wage administration and national wage policy in India are outlined. Wages are classified into minimum wage, fair wage, and living wage based on their ability to cover basic needs.
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This document discusses compensation management and provides an overview of key concepts. It defines compensation management and its objectives. It outlines the different elements of a total compensation package, including direct compensation, indirect compensation, and non-monetary compensation. It also discusses classical theories on wages and the importance of an ideal compensation plan for attracting, retaining, and motivating employees.
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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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This document provides an overview of compensation and its key dimensions. It discusses how compensation refers to all forms of pay employees receive in exchange for their contributions. It then outlines the eight main dimensions that make up a total compensation package, including pay for work/performance, time not worked, income continuation if losing one's job, disability, deferred income, spouse/family continuation, health/accident protection, and income equivalent payments. The document also discusses objectives of compensation management and how pay structures are determined.
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আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
DRUGS AND ITS classification slide share
Any substance (other than food) that is used to prevent, diagnose, treat, or relieve symptoms of a
disease or abnormal condition
Types of Herbal Cosmetics its standardization.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
The Diamonds of 2023-2024 in the IGRA collection
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
How to Add Chatter in the odoo 17 ERP Module
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
How to Fix the Import Error in the Odoo 17
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
CACJapan - GROUP Presentation 1- Wk 4.pdf
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.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
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South African Journal of Science: Writing with integrity workshop (2024)
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ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
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বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
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Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
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The simplified electron and muon model, Oscillating Spacetime: The Foundation...
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BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
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Wages policy.pptx full.pptx1.pptx
- 1. Wages policy WAGE ; wage is paid to the assembly line workers and worker at operational level, it is paid hourly/daily/weekly/monthly CONCEPTS OF WAGES 1 . MINIMUM WAGE : it must provide not only for the bare sustentance of life but for the preservation of the efficiency of the workers by providing some measures of aducation, medical care etc. 2. LIVING WAGE: it is not only for the bare essentials for the worker and his family but also for comfort protection against ill-insurance for old age. 3. FAIR WAGE: it is in between minimum wages and living wages but below the living wages .
- 2. Components of wages financial Non financial Basis wages NGE BENEFITS P.F. medical care health group insurance Incentives individual plans Group plans Perquisites car Club membership paid holiday Job context Challanging job responsibilities Working codition Growth prospective etc.
- 3. CHALLENGES OF WAGES WAGES Skills-based pay Wages reviews Pay secrecy Comparable worth Employee participat aion
- 4. WAGES PAYMENT SYSTEM Price rate system time rate system The piece rate system is that system of wage payment in which the workers are paid on the basis of the units of output produced The time rate system is that system of wages payment in which the workers are paid on the basis of time spent by them in the factory Total wages earned= output x piece rate wages earned = time spent x wage rate per hour/day/week/month
Editor's Notes
- 3
- wages earned = time spent x wage rate per hour/day/week/month