Beruflich Dokumente
Kultur Dokumente
Shalini
Neha
Kamna
Reena
Chitra
Rashmi
Compensation management concept
Fringe benefits
Incentives
It refers to wide range of financial and non-financial
rewards to employees for their services rendered to the
organization.
Compensation
Retirement benefits
HRA
Attracting and retaining personnel
Motivating personnel
Consistency in compensation
Compensation Management Process
Organization’s strategy
Compensation policy
Components
of
Perquisites Incentives
Compensation
Fringe
Benefits
Wages Salary
Provided to managerial
personnel
To facilitate job
performance or to Components
retain them of
Perquisites Incentives
It includes
◦ Car Compensation
◦ Club membership
◦ Free residential
accommodation
Fringe
Benefits
Monetary Dimensions of Compensation
Health, Pay for
accident,
liability
time not
protection worked
Deferred Loss of
income job
Disability
Spouse(family)
income
continuation
continuation
compensation depends
Ability to pay
upon earning
Voluntary Benefits
◦ Determined by the individual
organizations on their own
◦ E.g.: transportation facilities, child care,
Payment for time not worked
◦ Eg: payment for weekly-off day, Gazetted
holiday, Personal leave
Retirement Benefits
◦ Provident Fund Scheme
◦ Pension Scheme
◦ Gratuity
Compensation benefits
◦ Injuries during the course of employment
◦ Death during the course of employment
Insurance Benefits
◦ Eg: medical benefit, disability benefit,
maternity benefit etc
Health and Safety provisions
According to Factories Act, 1948:
◦ Health
◦ Safety
◦ Welfare
◦ Working hours
Recreational and other Benefits
◦ Eg: Telco in Jamshedpur provide excellent
townships
1. Indian industries have recognized the
importance and are also providing such
benefits but progress in this area has not
been very encouraging.
Group Individual
Salary Commission Combination
incentive incentive
Wage and Incentive plan for
blue collared employees
Wage incentive
Piece wage Time wage plan
Group Individual
incentive incentive