This website uses cookies to ensure you have the best experience. Learn more

Doc, Docx, Pdf, Wps, Rtf, Odt

1633 words - 7 pages

Assignment on
HR Manager Compensation Strategy

Prepared to: Abdullah Iftikhar

Prepared by: NAZIM (123051053)
Compensation Management
Course Code: 508

Deadline: 22 8th 2014
OBJECTIVE OF COMPENSATION:
Acquire qualified personnel: compensation needs to high enough to attract applicant. Pay level must respond to the supply and demand of worker in the labor market.
Retain current employee: employee must quit when compensation levels are not competitive, resulting in high turnover
Reward desired behavior: pay should reinforce desired
Control cost: a rational compensation system helps an organization obtain and retain worker at a reasonable cost. With effective ...view middle of the document...

It can take many forms. Bonuses, one time rewards and stock option.
BONUSES bonus programs have been used I American Business for some time. They usually reward individual accomplishment and are frequently used in sales organization to encourage salespersons to generate additional business or high profits.
PROFIT SHARING profit sharing refers to the strategy of creating a pool of moirés to be disbursed to employee by taking a stared percentage of a company profits.
STOCK OPTION previously the territory of upper management and large companies , stock options have become an increasing popular method in recent years of rewarding middle management and other employee in both mature companies and start ups.
GROUP BASED REWARD SYSTEM:
As small business use team structure to reach their goals, many entrepreneurs look for ways to reward cooperation between departments and individual. Bonuses, profit sharing, and stock option can all the used to reward team and group accomplishment
RECOGNITION PROGRAMS:
For small business owner and other managers, a recognition many appear to be merely extra effort on their part few tangible returns in terms of employee performance. While most employee certainly appreciate monetary awards for job well done.
TYPES OF REWARDS:
1. Monetary Rewards –salary bonus commission, medical and health benefits, holydays and retirement benefits.
2. Non- monetary – meaningful and challenging works, recognition and career advancement, safe and healthy working environment and fair treatment.
How HR managers can make use of compensation strategy?
Compensation is used to attract and retain performing employees. But this objective requires a firm to offer to a salary that equates the job and not lower than the market rates.
Equitable compensation is primarily considered by employees in any organization. Thus. It should be drawn up in the compensation strategy. When employee notice equities, their morale and motivation will be boosted.
DETERMINING PAY RATES.
Seniority based pay: Pay increase based on employee’s length of time spent on the job. This is a good strategy to motivate employee retention. In here, you are not rewarding performance.
Performance based pay: pay intended to motive employee to perform according to or above expectations.
Competency based pay: Pay increased based on job related skill s and knowledge. This is intended to motivate employees to gain additional skills, acquire new competencies and knowledge. In this method a firm not paying employees for the job they are doing, their job title nor seniority.
Team based pay: Rewards employee who works in a team. That means that individual employees are compensated based on the team performance. This system emphasizes on team performance sustainability.
MOTIVATING EXECUTIVES:
When properly used money can be a motivating factor, but little money may have no effect. Motivation of executives therefore:
* Rewards should be meaningful
* Rewards should vary with...

Other Papers Like Doc, Docx, Pdf, Wps, Rtf, Odt

Doc, Docx, Pdf, Wps, Rtf, Odt

1588 words - 7 pages The Top 10 Steps to Making Major Life Changes 1. Identify the payoffs and price of staying where you are. There are certainly good reasons you have for not already having made a transition. Do some soul searching with trusted allies or through journaling to uncover what payoffs you're receiving for not making the change. At the same time, identify the price you are paying for maintaining the status quo. When your conscious mind gets that the

Doc, Docx, Pdf, Wps, Rtf, Odt

981 words - 4 pages Seventy years ago in Chaozhou, Guangdong, Mr. Li was born into a well-educated family which instilled in him early on a respect for education and a wish to gain more knowledge. In 1940, when he was 12 years old, his father Mr. Li Yunjing decided to move the whole family to Hong Kong. Though by doing so they could avoid the wartime turbulence in the mainland, the senior Mr. Li, in poor health, found it difficult to settle in a new place and passed

Doc, Docx, Pdf, Wps, Rtf, Odt

763 words - 4 pages 1 What does Internal Audit do? Internal audit is a department, independent of line management, whose prime responsibility is to review the quality and effectiveness of the controls within the banks to manage and mitigate risk and protect the assets of the bank. In performing this work Internal Audit provides recommendations and advice to management on matters requiring attention. Internal audit will normally produce an annual plan of

Doc, Docx, Pdf, Wps, Rtf, Odt - 1136 words

1136 words - 5 pages Eating Sugar The short story written by Catherine Merriman named ”Eating Sugar, was originally published in ”Getting a life”, Honno, in 2001. A third person narrator tells the short story and furthermore the narrator is omniscient. It seems to me that the time is not important in this short story. On the contrary the environment, the surroundings, are described into details. In this analysis I have chosen to focus on the description of the

Doc, Docx, Pdf, Wps, Odt

4105 words - 17 pages ABOUT THE AUTHOR FAMILY BACK GROUD AND PROFESSIONAL BACKGROUND Nanda was born on October 10, 1915 in Punjab. He was raised on Manora Island at the entrance to the Port of Karachi. His parents were simple, god fearing people belonging to the Punjab middle class. His father, Mathra Das, came from a village near Gujranwala (today in the Pakistan part of Punjab), about half an hour train jounney from Lahore. His Mother Pooran Devi, came from a

Doc, Docx, Pdf, Wps, Rtf

737 words - 3 pages 1DPH 2I *DPH • %RPED .DPSRQJ $GXOW 0DOL FRYH 6XUI %HDFK DUHD • • • • • 'LFH 5DFH $GXOW 0DOL FRYH 6XUI %HDFK .LGGLHV 3RRO &RUQHU %HORZ 'U\ 3DUN DUHD SD[ • • • • • • • • • • • • 'L]]\ 6WLFN $GXOW 0DOL FRYH 6XUI %HDFK DUHD 'UDJRQ %DOO $GXOW &KLOGUHQ 0DOL FRYH 6XUI %HDFK .LGGLHV 3RRO &RUQHU %HORZ 'U\ 3DUN DUHD SD[ • 'HVFULSWLRQ 2Q +RZ 7R 3OD\ $ WUDGLWLRQDO ´NDPSRQJµ JDPH ZKHUHE\ HDFK WHDP ZLOO FRQVLVW

Pdf, Docx, Wps, Odt

925 words - 4 pages Bangladesh vat first introduce by M saifur Rahman on 1991 July 01 Definition of 'Value-Added Tax - VAT' A type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. Value-added tax (VAT) is most often used in Eurepion union. The amount of value-added tax that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed

Pdf, Dox, Wps, Rtf, Odt

1807 words - 8 pages What is teaching pronunciation? Mention some of the recent problem in teaching pronunciation in Nepalese context being based on those problems. Suggest some activities and techniques. Pronunciation is one of the aspects of a language which is particularly related with speech i.e. spoken form of the language. Pronunciation is particularly the way a word or a language is spoken or the manner in which someone utters a word. Pronunciation is also the

持以下文件類型:Doc,Docx,Pdf,Wps,Rtf,Od

708 words - 3 pages FNCE 6330 – Fall 2012 Class portfolio project, part I Due: August 27 Blackboard folder: Project, Parts I&II\Portfolio Project, part I This project has three goals. The first is to compare (contrast?) the investment practices of eight legendary investors to the theoretical methods considered in this class. The second is to give you an opportunity to work with real data, albeit over an unrealistically short time horizon. The third and

Doc, Docx.Pdf, Wps, Rtf

2829 words - 12 pages A Guide to Case Analysis PREPARING A CASE FOR CLASS DISCUSSION If this is your first experience with the case method, you may have to reorient your study habits. Unlike lecture courses where you can get by without preparing intensively for each class and where you have latitude to work assigned readings and reviews of lecture notes into your schedule, a case assignment requires conscientious preparation before class. You will not get much out

Doc , Pdf, Wps

698 words - 3 pages Workshop 1 For example: In the hotel industry employees will provide hassle-free, hospitality, personalized service to every customer. Overall attitude: Friendly/ Patience/Motivation/ be helpful/ Take the extra step Body language: Positive/Gentle Employees will bend their knees and try to be the same level with children, when they interacted with young kids. It will show our attention to them. Arguments: Employees will listen to

Related Essays

Doc, Docx, Pdf, Wps, Rtf, Odt 3233 Words

3233 words - 13 pages FACTORS AFFECTING STUDENTS’ PERFORMANCEA Case Of Private CollegesSyed Tahir Hijazi 1 andS.M.M. Raza Naqvi 2 Abstract: Many empirical studies are carried out to explore factors affecting college students’ performance. The focus of this research is that student performance in intermediate examination isassociated with students’ profile consisted of his attitude towards attendance in classes, time allocation for studies, parents’ level of

Doc, Docx, Pdf, Wps, Rtf, Odt 5339 Words

5339 words - 22 pages Future of Finance Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th 20th and early 21st centuries, many financial crises were associated with banking fears, and many recessions coincided with these fears

Doc, Docx, Pdf, Wps, Rtf, Odt 4104 Words

4104 words - 17 pages | | |Chapter 18: Operating & Financial Leverage | |Chapter Review Solutions

Doc, Docx, Pdf, Wps, Rtf, Odt 592 Words

592 words - 3 pages /Wave_3_20080403093750.pdf, Wave.3,P‬‬ ‫35‬ ‫-4‬ ‫ﺤﻴﺙ ﻴﻌﺘﻤﺩ ﺍﻹﻋﻼﻡ ﺍﻟﺠﺩﻴﺩ ﻋﻠﻰ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﺘﻜﻨﻭﻟﻭﺠﻴﺎﺕ ﻜﺨﻼﺼﺎﺕ ﺍﻟـ ‪ ،RSS‬ﺍﻟﻤﺩﻭﻨــﺎﺕ‬ ‫، ﺍﻟﻭﻴﻜﻲ، ﻤﻨﺼﺎﺕ ﻤـﺸﺎﺭﻜﺔ ﺍﻟـﺼـﻭﺭ ) ‪ ،( Flickr‬ﻤـﺸـﺎﺭﻜﺔ ﺍﻟﻔــﻴﺩﻴﻭ )‪، (You Tube‬‬ ‫ﺍﻟﺒﻭﺩﻜﺎﺴﺕ، ﺍﻟﺸﺒﻜﺎﺕ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ، ﻋﻼﻤﺎﺕ ﺘـﺩﺍﻭل ﺍﻟــﻤﻭﺍﻗﻊ ، ﺍﻟــ‪ ،Mash- ups‬ﺍﻟﻌـﻭﺍﻟﻡ‬ ‫ﺍﻻﻓﺘﺭﺍﻀﻴﺔ، ﺍﻟـﺘﺩﻭﻴﻥ ﺍﻟـﻤﺼﻐﺭ، ﻭﺍﻟﻜﺜﻴﺭ ﻤﻥ ﺍﻟـﺘﻜﻨﻭﻟﻭﺠﻴﺎﺕ ﺍﻷﺨﺭﻯ )1(.‬ ‫ﻜﻤﺎ ﺘﺘﻴﺢ ﻭﺴـﺎﺌﻁ ﺍﻹﻋـﻼﻡ ﺍﻟﺠﺩﻴـﺩ ﺇﻤﻜﺎﻨﻴـﺎﺕ ﻫﺎﺌﻠـﺔ ﻟﻠﺘﻭﺍﺼـل ﻭﺍﻻﺘـﺼﺎل ﺍﻟﺠﻤـﺎﻫﻴﺭﻱ‬ ‫ﻭﻤﻥ