pmcompensation and benefits for students

8/18/2019 PMCompensation and Benefits for Students

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By-

Prof. Deepika Pandita


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COMPENSATION

Compensation refers to all financial returns andtangible benefits that employees receive as part of

an employment relationship.


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COMPONENTS OF COMPENSATION


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OBJECTIVES OF COMPENSATION

Total compensation management aims to:

Motivate all employees.

Support culture, management by driving and supporting thedesired behaviour.

Support the achievement of the organization’s strategic andshort-term objectives by aligning the compensation with the

achievement of the organizational objectives through variablepay schemes.

Contd…


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Poise the organization to compete in the employmentmarket.

Promote flexibility by replacing the traditionally rigid

pay structures with more flexible structures.

Establish pay levels for positions on the basis of their

eternal competitiveness with relevant labour markets

and their relative internal value.Contd…


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Administer pay equitably and consistently.

Regularly reward employees on the basis of work

performance.

Maximize the effectiveness of compensation funding

based on recruiting, retention and employee

motivational outcomes.

Ensure accountability for compliance within the rules

and regulations and statutory requirements.


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Total Compensation

Direct Indirect

Bonuses

Gainsharing

Security Plans• Pensions

Employee Services• Educational assistance• Recreational programs

Commissions

Wages / Salaries

Insurance Plans• Medical• Dental• Life

Time Not Worked• Vacations• Breaks• Holidays


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SOURCES FOR S ALARY SURVEYS

Employer

Self-

ConductedSurveys

Government

Agencies

Consulting

Firms

Sources of Wage and

Salary Information

Professional

Associations

The

Internet


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SOME P AY D ATA W EB SITES

Sponsor Internet Address What It Provides Downside

Salary.com Salary.com Salary by job and zip code,plus job and description, forhundreds of jobs

Adapts national averagesby applying local cost-of-living differences

Wageweb www.wageweb.com Average salaries for morethan 150 clerical, professional,and managerial jobs

Charges $169 forbreakdowns by industry,location, etc.

Paycheck India

andWageIndicator

www.paycheck.in Input current salary and use

salary checker

Based on gross earnings.

HT www.shine.com Salary by job, designation Based on gross earnings

moving.com moving.com Median salaries for thousandsof jobs, by city

Doesn’t consider factors

like company size orbenefits

cnnmoney.com cnnmoney.com Input your current salary andcity, and this gives youcomparable salary indestination city

Based on national averagesadapted to cost of livingdifferences

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