Show basic components of compensation - remuneration, HR Management

Assignment Help:

Q. Show basic Components of compensation ?

Components of compensation / remuneration: to be specific, typical remuneration of an employee comprises:

1. Wages and salary: wages represents hourly rates of pay, and salary refers to the monthly rate of pay, irrespective of the number of hours put in by an employee. Wages and salaries are subject to annual increments. They differ from employee to employee, and depend upon the native of job, seniority and merits.

2. Incentives: also called payments by results incentives are paid in addition to wages and salaries. Incentives depend upon productivity, sales, profit, or cost reduction efforts. There are:

Individuals' incentives schemes.

Group incentives programmes. Individual incentives are applicable to specific employee performance. When a given task demands group effort for completion, incentives are paid to the group as a whole. The amount is later divided among group members on the equitable basis.

3. Fringe benefits: these include such employee benefits as provident fund, gravity, medical care, hospitalization, accident relief, and group insurance, canteen, uniform recreation and the like.

4. Perquisites: there are allowed to the executives and include company car, club membership, paid holidays, furnished house, stock option schemes and the like. Perquisites are offered to retain competent executives.

5. Non monetary benefits: these include challenging job responsibilities, recognition of merits, growth prospects, competent supervisors, comfortable working conditions, job sharing and flexible time.


Related Discussions:- Show basic components of compensation - remuneration

Repeated results in scientific reporting, Repeated Results If investiga...

Repeated Results If investigations yield identical results in identical conditions, then the results may be accepted as valid. To put it in other words, the validity of results

Show training assessment methods, Q. Show training assessment methods? ...

Q. Show training assessment methods? Training assessment methods: the following methods are used to assess the training needs: 1 identifying specific problems: such problems

What activities would you tell mr. phillips, Ten years ago Albert Phillips ...

Ten years ago Albert Phillips opened his own retail store and sold unpainted furniture.  His store was located in Lakeside, a small city in the southeastern part of the United Stat

What are the roles of a manager in an organisation, What are the roles of a...

What are the roles of a manager in an organisation? Roles of a manager in an organisation: A manager controls, directs and organizes different activities of the enterprise

Illustrate recruitment planning, Q. Illustrate Recruitment planning? Re...

Q. Illustrate Recruitment planning? Recruitment planning: recruitment process starts with its planning which involves the determination of number of applicants and type of appl

Delegation, with the aid of a diagram, discuss the process of delegation

with the aid of a diagram, discuss the process of delegation

Human resources of the employees, Promotion: it deals with upward reassign...

Promotion: it deals with upward reassignment given to an employee in the organization to take higher position which commands better status and or pay keeping in view the human res

Hr, Borderless world, Diversity Management, and Knowledge power, are some o...

Borderless world, Diversity Management, and Knowledge power, are some of the overarching factors being encountered by the Human Resource Mangers of 21st century business world”. Ho

Strategies for the human resources planners, Q. Explain Strategies for the ...

Q. Explain Strategies for the human resources planners ? For this purpose, Strainer recommends the following strategies for the human resources planners. 1. They should coll

Explain the complexity of hrm, Question: (a) Give reasons for the emer...

Question: (a) Give reasons for the emergence and development of International HRM as a new area of academic study and management. (b) Elaborate on the issues that contribut

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd