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æ ompensation is payment in the form of


hourly wages or annual salary combined with
benefits such as insurance, vacation, stock
options, etc. that can positively or negatively
affect an employee's work performance.
 m  m p 
  

\ompensation
anagement

irect ndirect
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æ o otivate the employees.


æ o run an organization effectively
and accomplishing its goals.
æ o ttract and sustain the best
talent.




æ  ggregate earnings of a employee


for his service for a day, or a week, or a
month . t is the price paid for the services of
labour in the process of production.
ncludes 2 parts- the basic wages & other
allowance
æ m  ompensation to an employee for
service rendered on a weekly, monthly or
annual basis.

    




æ ontrol of costs
æ stablishment of fair & equitable
remuneration
æ mployee motivation
æ air Wages.
æ ttract competent talent.
æ matisfy employee needs.
æ etain good employees.
æ otivate employees for higher productivity.
æ pmprove union management relations.
æ romote \orporate mage.
æ ?overnment Laws.
 
    




æ o recommend changes in wage policies


and in the salary or wage level.
æ o review wage and salary department
wise.
æ o check all activities of the salary
administration against the company
policies.


     




æ age policies should be carefully
developed, having in mind the interest of :
(a) the owners
(b) the employees
(c) the consumers
(d) the community
æ pt should be clearly expressed in writing.
æ pt should be checked against the formulated
policies
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æ igh pressure from employees unions for


increasing the remuneration.
æ igh pressure from management to reduce
cost.
    

ethods

Time Piece
Wage Wage

m

his is the oldest system of remunerating


labour. nder this method employee is paid
on the basis of time worked i.e. at hourly,
weekly or monthly rate, irrespective of the
quantity of work done.
 

æ mimplicity
æ mecurity
æ aintenance of quality
æ Mnion support
æ onvenient

 

æ ack of incentives
æ ack of distinction
æ omplacency
æ lose supervision
æ xpensive

m

ages can be defined as, "a sum of money


paid to the staff by the employer for
rendering services as per a contract. Piece
rate is used for jobs in which the quantity of
work done by a person or a group is readily
counted or calculated. ´
 

æ otivating
æ igher productivity
æ ess supervision
æ mociety benefits
æ pportunities for talented and Sincere
employees

 

æ pnsecurity
æ igher cost of production
æ ccidents
æ ore paper work
æ oor quality
p  pm

æ ccording to urack and Smith, ³ n incentive


scheme is a plan or program to motivate
individual or group performance. n incentive
program is most frequently built on monetary
rewards, but may also include a variety of non-
monetary reward and prizes.´
ypes of ncentive Plans

pndividual ?roup
ncentive ncentive
Plans Plans
pndividual
ncentive
Plan

mtandard ommissi mtock


iecework onus erquisites
hour plan ons options
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 (    (  

 
 

æ otivation
æ pnnovation
æ osters team-work
æ mharing of rewards
æ esser supervision

 

æ
eterioration of quality
æ verwork
æ eglect of safety measures
æ ivalry

  


æ \ompensation in addition to direct


wages or salaries, such as company car,
house allowance, medical insurance,
paid holidays, pension schemes,
subsidized meals. Some fringe benefits
are regarded part of a taxable income.

 
  


æ ttracting and retaining talent.


æ egotiation tool.
æ romote organizational image.
æ matisfy employee needs.
æ pncrease satisfaction and morale.

  


æ ension Schemes.
æ ersonal security.
æ inancial assistance.
æ ersonal needs.
æ ompany cars and petrol.
æ ther benefits.
æ pntangible benefits.
   
æ ccording to TERT 6L L6R
6RG ST 6, employee welfare is
described as ³ to include such services ,
facilities and amenities as may be established
in or in the vicinity of undertakings to enable
the persons employed in them to perform their
work in healthy, congenial surrounding and to
provide them with amenities conducive to
good health and high morale.´
   


æ pntramural welfare services


ñ roper drinking water facility.
ñ reches.
ñ ashing and bathing facilities.
ñ est shelters.
ñ anteens.
ñ edical aid.
ñ ecreational facilities.
æ xtramural welfare services
ñ ousing facilities.
ñ ransportation facility.
ñ ducation facility.
ñ ealth facility.

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