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Employee compensation and benefits

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Employee compensation and benefits

  1. 1. EMPLOYEE COMPENSATION AND BENEFITS
  2. 2. TYPICAL HR STRUCTURE HR VP Employee Relations Equal Opportunity Diversity Workers Comp Leave of Absence Payroll Benefits Compensation Employee Assistance Recruiting
  3. 3. WHAT IS COMPENSATION PLANS  Compensation (also known as Total Rewards) can be defined as all of the rewards earned by employees in return for their labour. This includes:  Direct financial compensation consisting of pay received in the form of wages, salaries, bonuses and commissions provided at regular and consistent intervals  Indirect financial compensation including all financial rewards that are not included in direct compensation and understood to form part of the social contract between the employer and employee such as benefits, leaves, retirement plans, education, and employee services  Non-financial compensation referring to topics such as career development and advancement opportunities, opportunities for recognition, as well as work environment and conditions
  4. 4. EMPLOYEE COMPENSATION  Salary  Annual rate of pay  Set amount of pay per paycheck  Work until the job is done; no overtime pay  Wage  Hourly rate of pay  Paid based on the number of hours actually worked
  5. 5. COMPENSATION TERMS  Gross Pay – total amount of your pay before any deductions  Take-Home (Net) Pay – pay actually received by an employee after deductions, including taxes, health insurance premiums, retirement contributions, etc.  Commission – payment based on employee meeting certain sales goals; usually a percentage of those sales  Bonus – money given to an employee in addition to the employee’s usual compensation
  6. 6. Supportive Corporate Culture Executive Sponsorship Rewards • Bonus • Salary Increases • Promotions • Equity Offerings • Awards • Recognition • New job assignments Salary • Pay • Overtime (if in non- exempt classification) Benefits • Health Plans • Retirement Plans • Vacation/ time off • Paid Training • Working Hours Employee Satisfaction Total Compensation & Benefit
  7. 7. COMPANY’S OFFER BENEFIT
  8. 8. EMPLOYER CHALLENGES • Structuring employee benefit packages that meet the needs of a diverse workforce – one size does not fit all • Helping existing employees understanding the “value” of their benefits • Administering benefit programs – costly and time-consuming. Not a profit- making venture! • Continued rising health care costs • Limited budgets – Benefits average 25% - 40% of Payroll in most organizations • Government restrictions/legislation/public policy
  9. 9. CORE VS. NON-CORE BENEFITS
  10. 10. LAWS AFFECTING EMPLOYEE BENEFITS AND COMPENSATION • Fair Labor Standards Act (FLSA) • Employee Income Retirement Security Act of 1974 (ERISA) • Age Discrimination and Employment Act (ADEA) • Family Medical Leave Act (FMLA) of 1996 • Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 • Health Insurance Portability and Accountability Act of 1996 (HIPAA) (and amendments) • Pension Protection Act of 2006 • many, many others
  11. 11. CONCLUSION • How employees are “compensated” takes many forms – salary, benefits, working conditions, challenging/stimulating work, co-workers, etc. The right “mix” for each person is different • Pay policies will differ for every employer – some will focus on cash compensation and some will focus on Total Compensation • The employer’s main goal is structuring compensation and benefit programs is to be able to attract and retain the right employees needed to help the employer be competitive

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