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Reward is an incentive plan to reinforce the desirable behavior of workers or employers and in return for their service to the organization. Compensation and Reward system plays vital role in a business organization. Reward Management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
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Introduction 1 but the focus in this chapter is pay. they all help maintain employee commitment There are many work motivators, including promotions desirable work assignments peer recognition work freedom Rewards Review 2 bonuses piecework commission incentive plans merit pay plans cost of living increase labor market adjustment profit sharing time-in-rank increase protection Program pay for time not worked services/ perks assigned parking space preferred assignments business cards own secretary impressive title participation in decision making greater job freedom more responsibility opportunities for growth diversity of activities Financial Non-financial Extrinsic Implied membership-based Performance based Explicit membership-based Intrinsic Types of Reward Plans 3 intrinsic rewards (personal satisfactions) come from the job itself, such as: pride in one’s work feelings of accomplishment being part of a work team extrinsic rewards come from a source outside the job, mainly by management: money promotions benefits Intrinsic versus Extrinsic Rewards Types of Reward Plans 4 financial rewards: Financial versus Nonfinancial Rewards nonfinancial rewards: wages bonuses profit sharing pension plans paid leaves purchase discounts make life on the job more attractive; employees vary greatly on what types they like Types of Reward Plans 5 performance-based rewards are tied to specific job performance criteria commissions piecework pay plans incentive systems group bonuses merit pay membership-based rewards such as cost-of-living increases, benefits, and salary increases are offered to all employees Performance-based versus Membership-Based Compensation Administration 6 An effective, fair compensation program: Companies derive their compensation programs from job evaluation, which defines the appropriate worth of each job. Both employees and employers can research compensation facts and issues at www.salary.com http://salary.nytimes.com/ http://www.salaryexpert.com/ attracts motivates Retains competent employees Compensation Administration 7 The Fair Labor Standards Act requires: minimum wage overtime pay record-keeping child labor restrictions exempt employees include professional and managerial employees not covered under FLSA overtime provisions nonexempt employees eligible for premium pay (time and one-half) when they work more than 40 hours in a week Compensation Administration 8 Civil Rights Act: broader than Equal Pay Act prohibits discrimination on the basis of gender used to support comparable worth concept salaries established based on skill, responsibility, effort, and working conditions Equal Pay Act of 1963 requires that men and women hired for the same job be paid the same. Job Evaluation and the Pay Structure 9 Job analysis information determines the relative value, or rank, of each job in the organization. Research wage information at the Bureau of Labor Statistics http://.
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Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Admir Softic
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
The RSA Conference serves as a significant platform for cybersecurity experts and vendors, to explore cutting-edge innovations in the cybersecurity field. Reach out to your target audience with our RSA Conference Exhibitor List 2024!
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
Exhibitors Data
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Mondelez State of Snacking and Future Trends 2023
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Famous Olympic Siblings from the 21st Century
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Katrina Personal Brand Project and portfolio 1
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Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
How to Get Started in Social Media for Art League City
How to Get Started in Social Media for Art League City
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
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Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
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Mondelez State of Snacking and Future Trends 2023
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![[object Object],Total Compensation Direct Indirect Pay Incentives Benefits Status based Privilege based Monetary Non monetary Two basic questions in determining pay Should different employees holding the same job or possessing the same skills be paid the same – or should managers be able to pay them differently? Which factors should be used to recognize differences in employees; that is, should differences in pay be contingent on performance, seniority, or some combination of the two?](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)