Compensation Management

Slides:

Advertisements

Similar presentations

THE REWARD SYSTEM: COMPENSATION AND NON-COMPENSATION DIMENSIONS

Advertisements

Presentation on. o Fringe benefits are rewards given to employees as an extra to their wage or Salary. o These can be an extra that is awarded with the.

COMPENSATION - OVERVIEW WHAT IS COMPENSATION? PURPOSES BASES FOR COMPENSATION HOW TO IMPLEMENT? TRENDS.

Non Monetary Rewards Jennifer Kay Jake Lanier Katie Mazzini Allison Eagan Amber Weber Sarah Miller.

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Lecture 10 Human Resources Looking after the human side of the business. It is the set of activities that must be done to acquire.

BA 101 Introduction to Business 11. Managing Human Resources.

Compensating Employees Definition Objective Bases Types Determining Reward Job Evaluation Compensation Structure.

Employee remuneration  Employee Remuneration refers to the reward or compensation given to the employees for their work performances.  provides basic.

1 COURSE OBJECTIVE l DEVELOP AN UNDERSTANDING OF »CONCEPTS »PRINCIPLES »PROCEDURES »PROCESSES »PROGRAMS AS THEY RELATE TO THE DESIGN AND ADMINISTRATION.

© 2013 South-Western, a part of Cengage Learning. All rights reserved. Chapter 9 | Slide 1 Chapter 9: Attracting and Retaining the Best Employees.

HUMAN RESOURCES MANAGEMENT

A compensation is all the income in the form of money, goods directly or indirectly received by employees in exchange for services rendered to the company.

COMPENSATION PLANS. PROBLEM AREAS ► Responsibility For Salary Decision ► What Other Employers Are Paying? ► Activity And Reward System ► Salary Determining.

Wage and Salary Administration

COMPENSATION AND REWARDS

1. Fundamentals of Public Administration MPA FACILITATOR Prof. Dr. Mohammad Majid Mahmood Lecture – 22.

Introduction to Human Resource Management

© Prentice Hall, 2005 Business in Action 3eChapter Managing Human Resources.

REWARDS CHPT-2.

Meaning of HRM Importance of HRM Objectives and Functions Role of HRM Duties and responsibilities of hrm Typical organization set up.

© 2008 by Prentice Hall9-1 Human Resource Management Chapter 9 DIRECT FINANCIAL COMPENSATION.

Pay for Performance: The Evidence

Compensation and Benefits. Meaning of Compensation Compensation means what the employees receive in exchange for their work. It is the monetary plus non-

Wages and salaries administration. Compensation management Compensation is what employees receive in exchange for their contribution to the organisation.

Labour Law. Collective Bargaining Union certification means that representatives need to selected to negotiate collective agreement Collective agreement.

BZUPAGES.COM PRESENTATION ON Establishing Strategic Pay Plans.

COMPENSATION “Compensation is all the income in the form of money, goods directly or indirectly received by employees as a reward for services rendered.

Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 Human Resources Basics Goals Describe the nature of today’s workforce. Identify important.

Introduction to Human Resource Management Chapter 1 Reference Books:  Human Resource Management ( Gary Dessler)  Human Resource Management (Mondy) 

UNIT 1. Compensation Management What is compensation management Compensation Management is designing and implementing total compensation package with.

Introduction to Human Resource Management

INTRODUCTION TO BUSINESS

Compensation and Benefits

Absenteeism “It is the practice of being an Absence and an absentee is one who habitually stays away”

Introduction to HUMAN RESOURCE MANAGEMENT

Compensation and Benefits

Compensation & Benefits

ESTABLISHING STRATEGIC PAY PLANS

Human Resource Management

Functions and Activities of HRM

Kulwadee abhicharttibutra

Pay, Benefits, and Incentives

Managing Human Resources

Questions Part 1 What does the law say you cannot do when employing staff? What is a decentralised structure? What is delayering?

Employee remuneration

Compensation & Rewards

Employee remuneration

Attracting and Retaining the Best Employees

Pay for Performance: The Evidence

BP Amoco Finland Team 10: Compensation

Human Resource management

COMPENSATION MANAGEMENT

Human Resource Management

Prof. Devpriya Dey Spirit of HR.in

Introduction to Labour Welfare

The Human Resources Division

Recap Pupils will be undertake interview tasks

THE REWARD SYSTEM: COMPENSATION AND NON-COMPENSATION DIMENSIONS

Chapter 9 Compensation and Benefits

© 2012 South-Western, Cengage Learning, Inc. All rights reserved.

Employee Benefit Package

A Personnel Psychological Perspective

Managing Human Resources

Copyright ©2012 by Cengage Learning. All rights reserved.9- 1 Chapter 9 Compensation and Benefits Prepared by Joseph Mosca Monmouth University.

Human Resources Management (MNGT313)

LESSON 8 COMPENSATION MANAGEMENT

Compensation 101 A Primer for HR Professionals

Employee Compensation & Benefits, Rajat Kumar Ghosh Senior Officer, Training & Development, BRAC Learning Center Barishal.

Presentation transcript:

Compensation Management

Contents Introduction Objectives Components Importance Factor affecting conclusion

Introduction Compensation is a systematic approach to providing monetary & non monetary value to employees in exchange for work performed. Compensation may be defined as money received in performance of work and many kinds of benefits that an organization provides to their employees.

Objectives To recruit & retain qualified employees. To increase or maintain morale. To determine basic wage & salary. To reward for job performance.

Compensation component monetary direct indirect Non monetary

component Direct compensation Base Pay Bonus Long term incentives Perks or perquisites Direct compensation

Cont… Insurance (health, eye). Leaves (sick, holiday/personal) Clothes Indirect compensation Insurance (health, eye). Leaves (sick, holiday/personal) Clothes Company parties Phones/laptop Retirement programs Cont…

Non monetary Enhance dignity & satisfaction from work performed. Promote social relationship with co- workers. Allocate sufficient resources to perform work assingments. Offer supportive leadership & management. Enhance physiological health, intellectual growth.

Importance Job description Job analysis Job evaluation Pay structure Salary surveys

Factor affectting Demand & supply of labour Cost of living Society External Internal Demand & supply of labour Cost of living Society Labour unions The economy Compensation policy The org. ability to pay Job analysis & description Employee Factor affectting

conclusion We can say that good compensation can increase the productivity of an organization because its provides various rewards, bonus, schemes etc. and its compulsary for every organization.