COMPENSATION MANAGEMENT Compensation is a key factor in attracting and keeping the best employees and ensuring that organization has the competitive edge in an increasingly competitive world. The Compensation Management component enables one to differentiate between one’s remuneration strategies and those of his competitors while still allowing flexibility, control and cost effectiveness. It provides a toolset for strategic remuneration planning that reflects organization culture and pay strategies
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Salary Compensation and Benefit Submitted to: Miss Bilqees Presented by: Syed Taha Ali Shah Rizwan Ahmed Hashmi Danish Basheer Sahito Shaikh Basit Sohail Ayesha Iqbal Table of contents: Introduction……………………………………………………………………………………………………………………………..3 What type of business do you have?……………………………………………………..…………………………………4 Does your company have a bonus or incentive plan? ………………………………………………………………4 What is procedure of bonus? …………………………………………………………………………………………………
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Organizational Objectives and Total Compensation in Different Markets Lynette Gill HRM/324 December 10, 2012 Jocelyn Freimark Organizational Objectives and Total Compensation in Different Markets One of the fastest growing fields in Human Resources is compensation. The main motivator for employees is compensation; potential employees are searching for jobs that fit their area of specialty. A company’s human resources team is constantly looking for ways to compensate employees for job performance
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Since compensation and benefits are vital part of HRM in most of the organizations, education of compensation and benefits reflect many practices and concepts pertaining to HRM. Human Resources practices do not operate in parts. They need to be strategic, logical and planned in the situation of the bigger organization, of which they are a part. Anyone in HRM is first a business partner of the organization and then an HR professional in their individual disciplines such as compensation and benefits
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Compensation Questions – Practice Exam 1 1. Employment compensation payments to unemployed individuals vary according to: (updated answers) a. the type of job held before lay-off and the regional unemployment rate. b. their previous wage rate and total number of hours worked during last 52 weeks. c. total earnings plus number of hours worked during last 26 weeks, and regional unemployment rate. d. their previous wage rate and the type of previous job. The answer is c. total earnings plus
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provide certain benefits for employees. These include Medicare, Social Security, Workers Compensation and Federal and State Unemployment Insurance. Companies with 50 or more employees must also provide workers with unpaid family and medical leave benefit under the Family and Medical Leave act or FMLA. Worker Compensation The Office of Workers' Compensation Programs administers four major disability compensation programs which provide wage replacement benefits, medical treatment, vocational rehabilitation
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offering an ESOP? Student Answer: - maintains a stable work force - owner can sell stock to a friend - results in a dilution of value of the stock - ESOT can borrow money under favorable conditions 5. In contrast to compensation systems in the private sector, those for government employees are less likely to include use of Student Answer: - wage surveys - job descriptions - job evaluation - financial incentives 6. Which one of the following
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Different Types of compensation When a person applies for a job, he or she will find that different types of jobs sport different types of compensation. For example, some jobs pay by the hour. In these types of jobs, many times the employee has to punch a time clock so that there will be documentation of the exact number of hours that this person has worked. Other jobs pay an annual salary. For these types of jobs, the person is paid a set rate regardless of how many hours he or she works
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COMPENSATION ADMINISTRATION Compensation administration is a segment of management or human resource management focusing on planning, organizing, and controlling the direct and indirect payments employees receive for the work they perform. Compensation includes direct forms such as base, merit, and incentive pay and indirect forms such as vacation pay, deferred payment, and health insurance. Compensation does not refer, however, to other kinds of employee rewards such as recognition ceremonies and
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ASSIGNMENT #3 – EMPLOYER’S DUTY OF CARE ALICE F. EDDINGTON PROFESSOR RHONDA J. WILLIAMS EVANS LAW, ETHICS, AND GOVERANCE LEG 500 February 11, 2012 Explain whether Jake’s actions are in or out of “his scope of employment.” The relationship between the employer and employees determines the success of a business. The employee should show that he is loyal to his employer. His work ethic should show the integrity and honesty in fulfilling his duties. He should be bound to fulfill the
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