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abit compensation & benefit management

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abit compensation & benefit management introduction (module-1) mitrabinda nayak concept of compensation compensation of employees for their services is important responsibility of human resource management. every organization must offer good wages and fringe benefits to attract and retain talented employees with the organization. if at any time, the wages offered by a firm are not competitive as compared to other firms, the efficient workers may leave the firm. therefore, workers must be remunerated adequately for their services. compensation to workers will vary depending upon the nature of job, skills required, risk involved, nature of working conditions, paying capacity of the employer, bargaining power of the trade union, wages and benefits offered by the other units in the region or industry etc. considering that the current trend in many sectors (particularly the knowledge intensive sectors like it and services) is to treat the employees as “creators and drivers of value” rather …
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tion– for employees to perform well in the job there should be adequate compensation. availability of high compensation motivates employees to perform better. 2. timeliness – compensation must be provided to all employees on time. 3. performance related – there should be a direct relation between performance and compensation. 4. durability – some types of compensation like the non-monetary ones(autonomy, accountability etc) provide a long-lasting effect. 5. equity–compensation should always be equal for people with the same job profile. when employees compare compensation it should be perceived to be equal. 6. visibility–there should be a degree of visibility in terms of compensation so that employees perceive that the jobs with more responsibility carry more compensation. 7. flexibility– there should be some amount of flexibility in the system to accommodate different contingencies for staff. 8. cost effective – from the organization’s perspective, compensation is a cost. hence, they always try to …
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urce-management/steps-involved-in-designing-a-remuneration-plan/ compensation management is designing and implementing total compensation package with a systematic approach to adding value to employees in exchange for work performance. importance – it is an integral part of hrm which helps in motivating the employees and increasing the organizational effectiveness. all companies must determine how and what to pay their workers and when to offer things like raises, bonuses and other incentives principles of compensation management 1. the compensation should be paid to each employee on the basis of their abilities and training. 2. compensation should be in the form of package. 3. it should motivate the employees towards increasing productivity. 4. it should be capable of taking care of employees for safety and security needs also. 5. it should be flexible and clear. 6. it should not be excessive. 7. compensation should be decided by the management as per the norms fixed by the legislations …
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n to another, or from one job to another. the provision or availability of financial incentives causes such movement. apart from these objectives, a well-designed compensation package helps and organization achieve these additional objectives: 5. recruit qualified people – compensation needs to be high enough (premium wages) to attract qualifies personnel. 6. retain present employees – employees may quit when when compensation levels are not competitive. 7. reward desired behaviour – pay should reinforce desired behaviour and act as incentive for such behaviour to occur in the future. effective compensation plans reward performance, loyalty, experience, responsibility. 8. appreciate smart work, creativity & innovation – the compensation package should make considerations for smart work, creativity and innovation. 9. control costs – a rational compensation system helps the organization to obtain and retain workers at a reasonable cost. 3p compensation concept there are three parameters which need to kept in mind while …
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or which they have been certified regardless of whether the work requires it or not. the pay increases are usually tied to 3 types of skills : o horizontal skills and broadbanding of skills in terms of the range of tasks o vertical skills – involves acquiring skills of a higher level. o depth skills – involves a high level of skills in specialized areas relating to the same job as this encourages and rewards a broad range of skills, the employees become multiskilled and more flexible and valuable. it considers the market demand of a person’s unique skills & expertise. 3) payment for performance it is also known as pay for performance / performance related pay / performance based pay. it is a financial reward system for employees where some or all of their monetary compensation is related to how their performance is assessed relating to a stated criteria.the …

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abit compensation & benefit management introduction (module-1) mitrabinda nayak concept of compensation compensation of employees for their services is important responsibility of human resource management. every organization must offer good wages and fringe benefits to attract and retain talented employees with the organization. if at any time, the wages offered by a firm are not competitive as compared to other firms, the efficient workers may leave the firm. therefore, workers must be remunerated adequately for their services. compensation to workers will vary depending upon the nature of job, skills required, risk involved, nature of working conditions, paying capacity of the employer, bargaining power of the trade union, wages and benefits offered by the other units in the region or i...

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