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Management:
A good compensation
system should be able to
attract & retain
employees,give them a
fair deal,keep the
organization competitive
& motivate employees to
perform their best.
JOB EVALUATION.
1.It is a systematic process
of analyzing & evaluating
jobs to determine the
relative worth of each job in
an organization.
It forms the basis for
designing the compensation
management system in an
organization.
Factors Determining the
compensation system:
1.Size & structure of the
organization.
2.Industry in which it operates.
3.The strength of employee
unions.
4.The position of the person &
his importance to the
organization.
5 The Demand for particular skill
sets in the industry.
Process Of Job Evaluation:
1.Preparation of a Job Evaluation
Plan.
2.Job Analysis.
3.Job Description & Job
Specification.
4.Selection of Job Dimensions
5.Classification of Jobs.
6.Implementstion of the
evaluation.
7.Maintenance.
Techniques of Job
Evaluation.
1.Quantitative Techniques.
Point Rating Method.
Factor Comparison Method.
2.Non Quantitative
Techniques.
Ranking Method.
Job Classification or Job
Grading Method.
Wage & Salary
administration:
1.Attracting Talented
Resources.
2.Retaining & motivating
employees.
3.Financial Management.
4.Legal requirements.
Concepts of Different
Wages:
1.Minimum wage.
2.Fair wage.
3.Living wage.
Basic Wage Plans:
1.Time Wage Plan.
2.Piece wage Plan.
3.Skill based pay.
4.Competency based pay.
5.Broadbanding
6.Variable Compensation.
7.Executive compensation.
8.National Wage Policy.
Concept Of Rewards:
1.Extrinsic Rewards & Intrinsic
Rewards.
2.Financial & Non Financial Rewards.
3.Incentives:Performance Based
Rewards.
Ex:Annual Performance incentives
( monetary) and ESOP (Employee
Stock Option Plans)
Benefits-Rewards an employee
receives for his employment &
position in the organization.
Types Of Incentives Plans:
1.Short Term Incentive Plans.
1.Halsey Plan,Rowan Plan,Barth
System of wages,Task Bonus
System,Point Rating
system,Progressive Bonus.
2.Long Term Incentive Plans.
Annual Bonus,Profit sharing,Gain
Sharing,Employee Stock Plans.
Employee Benefits:
Free/Subsidized Lunches,Medical
Facilities,Paid vacation to the
employee,Retiral benefits like PF
& gratuity,Employee
Insurance,Maternity Leave,Child
care centers,Educational
allowance,company
accomodation,company
transportation facilitiesetc.
Some Modern Concepts
in Employee Benefit
Schemes:
1.Golden
Parachute.
2.Cafeteria Benefit
Plan.