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Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs. According to Thomas J. Bergmann(1988) compensation consists of four distinct components: Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards. Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
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HR, 3e Angelo S. DeNisi, Ricky W. Griffn The amount of value people create for an organization and what the organization gives them as compensation for that value are important determinants of organizational competitiveness. If employers pay too much for the value created by workers, then profits (and hence competitiveness) will suffer. But if they pay too little or demand too much from their workers for what they are paying, they will suffer in different ways: lower-quality workers, higher turnover, or employee fatigue and stress. Clearly, then, managing compensation and benefits are important activities for any organization. And just as clearly, Nucor managers have a keen understanding of the relationship between worker compensation and company performance. Compensation and benefits refer to the various types of outcomes employees receive for their time at work. Compensation is the set of rewards that organizations provide to individuals in return for their willingness to perform various jobs and tasks within the organization. Benefits are the various rewards, incentives, and other items of value that an organization provides to its employees beyond wages, salaries, and other forms of financial compensation. The term total compensation is sometimes used to refer to the overall value of financial compensation plus the value of additional benefits that the organization provides. Compensationis the set of rewards that organizations provide to individuals in return for their willingness to perform various jobs and tasks within the organization. Benefitsgenerally refer to various rewards, incentives, and other things of value that an organization provides to its employees beyond their wages, salaries, and other forms of direct financial compensation. In this chapter, we cover the basic concepts of compensation and benefits. We start by examining how compensation strategies are developed, and then we turn to the administration of compensation programs and how organizations evaluate their compensation programs. We look at benefits, discussing the basic reasons for benefit plans and describing different types of benefit plans typically found in organizations. Next we consider the often controversial topic of executive compensation, discussing the basic components of executive-compensation packages and why they are so controversial. We conclude with a discussion of legal issues associated with compensation and benefits and the ways in which organizations can evaluate their compensation and benefit programs. 9-1 DEVELOPING A COMPRATION STRATEGY Compensation should never be a result of random decisions but instead the result of a careful and systematic strategic process.3 Embedded in the process is an understanding of the basic purposes of compensation, an assessment of strategic options for compensation, knowledge of the determinants of compensation strategy, and the use of pay surveys. 9-1a Basic Purposes of Compensation Compensation has several f ...
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Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Century
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Organisational success today depends on effective communication and collaboration with individuals from cultures with varying beliefs and practices. Indeed, with the workforce increasingly comprised of people of varying cultural backgrounds, leaders must now prioritise the significance of cultural competence in the workplace. Ensuring cultural competence at every level of your organisation cannot be understated. While cultural disparities can manifest in different ways, as a leader, you must build deep and nuanced cultural competence skills and education to accurately spot, address and alleviate the various scenarios that can arise. Failing to recognise the importance of cultural competence or not acting to improve it can lead to cultural negligence. There are a few things to consider to ensure your organisation is on the right track. In this deck, you'll understand the importance of building cultural competence in the workplace. You'll also learn • The three (3) dimensions of Cultural Competence in the workplace • Key strategies to build a culturally competent workforce • Major benefits you stand to gain by having a culturally competent team.
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
Workforce Group
Welcome to my Personal Brand Exploration Presentation! In this engaging and insightful presentation, I take you on a journey to discover the essence of my professional identity as a digital marketer. Through a blend of visual storytelling and strategic insights, I showcase the key elements that define my personal brand and highlight my unique value proposition in the digital marketing realm. In this presentation, you will: Gain an understanding of the objectives and significance of personal branding in the digital age. Explore the core values, strengths, and passions that shape my professional persona. Witness the creative process behind developing a cohesive visual identity and brand narrative. Learn how I leverage my skills, experiences, and aspirations to create meaningful connections with my audience and stakeholders. Discover the strategic approach I take in aligning my personal brand with industry trends, market demands, and future career goals. Whether you're a fellow digital marketer, a potential employer, or simply curious about the power of personal branding, this presentation offers valuable insights and inspiration. Join me as we delve into the world of personal branding and unlock the potential of crafting a compelling professional identity in today's competitive landscape.
Uneak White's Personal Brand Exploration Presentation
Uneak White's Personal Brand Exploration Presentation
uneakwhite
A presentation for League City Art League.
How to Get Started in Social Media for Art League City
How to Get Started in Social Media for Art League City
Eric T. Tung
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Pharma Works Profile of Karan Communications
Falcon's Invoice Discounting: Your Path to Prosperity
Falcon's Invoice Discounting: Your Path to Prosperity
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and pains
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptx
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Forklift Operations: Safety through Cartoons
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It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 May
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Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Century
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
Uneak White's Personal Brand Exploration Presentation
Uneak White's Personal Brand Exploration Presentation
How to Get Started in Social Media for Art League City
How to Get Started in Social Media for Art League City
basic factors to determining pay rates
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