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

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Presentation transcript:

Wages and salaries administration

Compensation management Compensation is what employees receive in exchange for their contribution to the organisation. Total compensation = Direct + Indirect Compensation Base PayIncentivesBenefits

Components of employee remuneration Remuneration Financial Non-financial Basic wages Incentives, Individual plans Group plans Fringe benefits P.F. Medical care Accident relief Health and Group insurance Perquisites Car Club membership Paid holidays Furnished house Stock option scheme Job context Challenging job Responsibilities Growth prospects Supervision Working conditions Job sharing etc

Concepts of Wages Minimum Wages Fair Wages Living wages

Objectives of compensation planning Internal equity External equity Individual equity Attract talent Retain talent Ensure equity New and desired behavior Control costs Ease of operation

Motivation and performance model Employees set Goals and expectations Performance Is rewarded Employee considers Equity of Performance rewards Feedback to employees Rewards are given Employee sets new goals and Expectations based on prior experiences

Importance of an ideal remuneration system Desire forperformance more paystrikes grievances search for optionsabsenteeism turnover Pay dissatisfaction lower jobpsychological attractivenessdissatisfactionwithdrawal of jobsabsenteeismvisits to the Doctor poor mental health

Influencing factors of Remuneration Remuneration ExternalInternal Labour Market Cost of Living Labour Unions Govt. Legislations Society Economy Business Strategy Job evaluation & PA The Employee

Devising a remuneration plan Job Description Job Evaluation Job Hierarchy Pay Survey Pricing Jobs

The Development of a wage trend- line Key Job A New key Job B Wage-trend Line Point Values Wages or salaries

Challenges of remuneration Remuneration Skills-based pay Employee participation Comparable worth Pay secrecy Salary reviews

Wages Policy in India Payment of Wages Act, 1936 Industrial Dispute Act, 1947 Minimum Wages Act, 1948 Equal remuneration Act, 1976 Payment of Bonus Act, 1965 Wage Board