COMPENSATION MANAGEMENT PDF
PDF | Compensation is a systematic approach to providing monetary value to employees in exchange An ideal compensation management system will help you. Subject: COMPENSATION MANAGEMENT. Credit: 4. SYLLABUS. Objectives of Compensation. Introduction to Compensation and Rewards; Objective of. 1. 2. Compensation Management: The Indian Context. 3. Employee Compensation and the Labour Market. 4. Economic Theories and Compensation.
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OUM BUSINESS SCHOOL JAN BMCM COMPENSATION MANAGEMENT PREPARED BY: MATRICULATION NO: CGS IDENTITY CARD. Nature and Purpose of Compensation Management. Components and Types of compensation. Objectives of Compensation and Rewards. Introduction to Compensation. Management. Meaning of Compensation. Compensation is a systematic approach to providing monetary value to employees in.
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No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Compensation Management 1. The employees are motivated for better performance. The employees do not leave the employers frequently.
Conclusion 8. He inspired us greatly to work in this term paper. His willingness to motivate us contributed tremendously to our work. We also would like to thank him for his valuable time by helping us for this term paper.
Compensation Management Books
Abdul Kader Nazmul, lifted us up when we were not sure we would or could ever get to the finish line. Thank you for supporting us, for challenging us, for teaching us, but most of all, for believing in us. We honestly could not have done it without you and your help. Besides, we would like to thank the Singer Bangladesh Ltd. We are very thankful to them as they gave their precious time for us.
Their cooperation really helps us to analyze and finalize this report. Finally, an honorable mention goes to our families and friends for their understandings and supports on us in completing this report. Without helps of the particular that mentioned above, we would face many difficulties while doing this project. Companies want to attract, retain and motivate brains to meet objectives.
One of the tools companies use to attract, retain and motivate its people is Compensation Management. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness.
Employees today are not willing to work only for the cash alone, they expect 'extra'. This extra is known as employee benefits. Human Resource is the most vital resource for any organization.
It is responsible for each and every decision taken, each and every work done and each and every result. They should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will serve the need for attracting and retaining the best employees. They have to plan about what benefits should offer to whom and on which basis? Definitely all the employees will not get the same benefit.
A sales person and a receptionist will get different benefit but inadequate benefits do contribute to low satisfaction level and increase absenteeism and turnover in employees. Specific Objective: 1. Among all the employees of Singer Bangladesh Ltd. Limitations of the Study 1 Sometimes it will be difficult to find out the actual situation inside the company. If that will happen it may be hampering to prepare an accurate compensation system.
History of Singer Singer is a well-established multinational firm with intense local recognition in consumer household durables. Basically, it is a retail firm, which gains a prestigious position over time.
S established it in with the innovation of the first practical sewing machine of the world. After that, observing the world wide demand Singer established its first overseas manufacturing unit in in England for reaching its increasing potential market.
In , Singer originated the higher purchase plan similar to the installment of time payment purchase plan for the less solvent housewives. Singer began its operation in this part present Bangladesh of the world in the early twentieth century during British India establishing 3 showrooms.
By the time of the separation there were 23 showrooms. Now the company has 78 showrooms and about 96 exclusive agents all over the country. In around , the company floated its share and became a public limited company.
All through this time Singer was operating with only one product that is their sewing machine. In it enhanced its product range by introducing their Refrigerator to the industry. In the year they start the marketing of the Color Television and in VCP was added to the range. In , washing machine was introduced to the consumer for test marketing.
With the success of this, the management decided to set up the Washing Machine Assembly Factory at Dhaka, which started production from February Vision Singer wants to be the most admired and respected family company in the country. Value Statement Singer will continue to treat their employees with respect, in recognition of their contributions, as they are the assets of the company.
Singer will ensure that high standards and quality are maintained in everything they do. Singer will continue to honor and maintain high ethical standards.
Goodman 5B, Road No. Sanaullah Auditors S. Eastern Bank Ltd. Legal Advisor A.
Compensation Management MBA HR
Compensation Employees need to be compensated for Their Efforts based on volume of predication. Compensation refers to all forms of financial rewards received by employees. It arises from their employment.
It occupies an important place in the life of the employee. It is a considerable cost to the employer. Compensation dissatisfaction can lead to absenteeism, turnover, job dissatisfaction, low performance, strikes and grievances.
Majority of labor management disputes relate to compensation. It is composed of the base wage or salary and incentives or bonuses and benefit. The Compensation Management component enables to differentiate between the remuneration strategies and those of competitors while still allowing flexibility, control and cost effectiveness. It provides a toolset for strategic remuneration planning that reflects the organization culture and pay strategies, and it empowers line managers within a framework of flexible budget control.
Compensation management allow to control bottom — line expenditures and competitive and motivating remuneration , be it fixed pay, variable pay, stock options, merit increases, or promotion- in other words, total compensation.
What makes it direct is that it is given to the employee without an intermediary. Under direct compensation. It can be base pay and merit pay based on job performance. Under indirect compensation there are two performing work. It con be piece wage, commission, bonus, profit sharing, stock option etc. Indirect compensations are provided for the employees benefit but is not given directly to the employee. They can be 1. Pay for time not worked: paid vacation, holidays, leaves 2.
Protection Programs: Pension, Gratuity, Insurance etc 3. Housing, transport, food 2. Discount on purchases, credit cards 4. Social-culture recreational activities; club subscriptions. Compensation as component of Human Recourses Management Compensation management consists of designing the lowest cost pay structure that will attract, retain, and motivate the competent employees and which is perceived as fair by the employee satisfaction.
Compensation Management Books
Objectives of compensation management The following are the objectives of compensation management: 1. An ideal compensation system will have positive impact on the efficiency and results produced by employees.
It will encourage the employees to perform better and achieve the standards fixed. It will raise the morale, efficiency and cooperation among the workers. It being just and fair will provide satisfaction to the workers. The perfect compensation system provides platform for happy and satisfied workforce. This minimizes the labor turnover.
The organization enjoys the stability. The business organization can think of compensation and growth if it has the support of skillful, talented and happy workforce. The sound compensation system is hallmarks of organization success and prosperity. The success and stability of the organization is measured with pay-package it provides to its employees.
Job Evaluation Job evaluation is one of essence of compensation administration and the establishment of pay structure. Job evaluation uses the information collected through ob analysis and systematically determines the value of each job in relation to all jobs within the organization.
This mean establishing pay rates or ranges that are compatible with the ranks, classifications or points arrived at through job evaluation.
The pay structure can be determined through following process: 3. Wage survey Wage survey is the systematic gathering of factual information on pay practices from comparable firms within or outside the industry. The gathered information gives an idea of the standard market practices which are used to set the actual wage level. The data can be generated or the organization can collect the data through secondary source such as publications, research firms or organization can generate the data through primary source such as conduction their.
Wage curves 3. Wage Structure 3. Incentive Compensation Plan In addition to the basic wage structure, organizations that are sincerely committed to developing a compensation system that is designed around performance will want to consider the use of incentive pay.
Incentive can be paid based on individual, group or organization wide performance. Individual Incentives Individual incentives plan pay off for individual performance. Popular approaches include piecework plans, time-saving bonuses and commission.
Under straight piecework plan, the employee is typically guaranteed a minimum hourly rate for meeting some pre established standard output. For output over this standard, the employee earns so much for each piece produced.
Individual incentives can be based on time saved as well as output generated. Sales personnel frequently work on commission basis. In addition to low wage rate, they get an amount that represents a percentage of the sales price.In , TIME was accorded the prestigious Metro Ethernet Forum MEF certification, making the Group one of 47 international firms to win recognition for the performance, interoperability and reliability of its network. The demand for labor will be elastic, if cheaper substitutes of the product are available in the market or the demand for the commodity it produces is elastic.
Finalize and document all job descriptions. The US government had implemented the individual incentive programme while Asian and some European governments had opted for group evaluation together with individual evaluation systems. It raises the productivity of labour. They can be 1. The questionnaire was created based on: The new Total Rewards Policy The reason why they made changes in their Total Rewards Policy was because they wanted to be more market competitive and rewarded the right people both experienced and entry level staff with the right amount of Basic Pay, at the right time, for the right reason.
Each component has a variety of features. With fixed-line telecommunications, submarine cable and data centre businesses, TIME has been breaking ground since starting out in
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