basic knowledge of com & ben
TRANSCRIPT
INTRODUCTIONS
Provision of Traditional Benefits, under which a similar set of benefits are offered to allEmployees, is dominant in the competitors.
However, such a benefits design has a limitation – employers can not select thebenefits they value the most and are provided with a “ one-size-fits-all-solution.”
In view of the fact that EMPLOYERS spend a substantial amount of money on benefitsprovision, there is increasing pressure on HR Manager to deliver a more value –effective benefits design.
It provides a better over costs, improves employee perception of benefits and thuscontributes towards furthering employees, total reward satisfaction and ENGAGEMENT.
WAGE SYSTEM : OVERVIEW
WAGE SYSTEM : OVERVIEWW/P
Time
E
W/P
W*/P
b c d
N*
IU : In-voluntory Unemployment
VU : voluntory Unemployment
SN – Supply of Labor
BASIC RULE : COMPENSATION MANAGEMENT
FUNDAMENTAL : WAGE MANAGEMENT
1. Right for the CompanyA. Labor Market ( Industry, Competitors )B. PolicyC. Ability to Pay
2. Right for StaffA. Pay for what he does ( job value )B. Pay for how he does ( performance )
FUNDAMENTAL : WAGE MANAGEMENT
FUNDAMENTAL : WAGE MANAGEMENT
Salary Structure
Range
Range Spead
Overlap
MP Progression Rate
MP15,000บ.
Max 20,000บ.
Min10,000บ.
Max 28,000บ.
MP21,000บ.
Min14,000บ.
FUNDAMENTAL : WAGE MANAGEMENT
For Example :
FUNDAMENTAL : WAGE MANAGEMENT
For Example :
CONCEPTUAL : MERIT INCREASE
By Salary Structure :
- Compa – Ratio- External Compa – Ratio- Internal Compa - Ratio
ECR = Base Salary / Mid Point (MKT) ICR = Base Salary / Mid Point (Firm)
MODELPay Line : NEW
Pay Line : Old
Salary
KEY SUCCESS : MERIT INCREASE
1. Policy2. Data Management3. Communications4. Follow Up Plan
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