compensation mgt-group c

8/4/2019 Compensation Mgt-group c

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COMPENSATIONMANAGEMENT

PRESENTED BY:

GROUP [C]


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SR NO. NAME ROLL NO.

1. SONIA BANGERA 03

2. FARIYA KHAN 12

3. NUPUR SARAF 21

4. SOHIL CHOHAN 30

GROUP MEMBERS


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COMPENSATION MGT

Compensation is the remunerationreceived by an employee in return forhis/her contribution to the organization. It

is an organized practice that involvesbalancing the work-employee relation byproviding monetary and non-monetarybenefits to employees. Compensation is

an integral part of human resourcemanagement which helps in motivatingthe employees and improvingorganizational effectiveness.


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EVOLUTION OF COMPENSATIONMANAGEMENT SYSTEM

Traditional Compensation Systems

Todays Modern CompensationSystems


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OBJECTIVES OF COMPENSATIONMANAGEMENT

Acquire qualified personnel

Retain current employees

Ensure equity Reward desired behavior

Control costs

Comply with legal regulations

Facilitate understanding

Facilitate understanding


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IMPORTANCE OF COMPENSATION

MANAGEMENT


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Need of Compensation Management


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COMPONENT OFCOMPENSATION MANAGEMENT

JOB ANALYSIS

PAY STRUCTURES

SALARY SURVEY


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1. JOB ANALYSIS


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2. PAY STRUCTURES


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TYPES OF COMPENSATION

Direct Compensation

Indirect Compensation


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DIRECTCOMPENSATION

Direct compensation refers to monetary benefitsoffered and provided to employees in return ofthe services they provide to the organization. Themonetary benefits include basic salary, houserent allowance, conveyance, leave travelallowance, medical reimbursements, special

allowances, bonus, Pf/Gratuity, etc. They aregiven at a regular interval at a definite time.


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INDIRECT

COMPENSATION

Indirect compensation refers to non-monetary benefits offered and provided

to employees in lieu of the servicesprovided by them to the organization.

They include Leave Policy, OvertimePolicy, Car policy, Hospitalization,Insurance, Leave travel Assistance Limits,Retirement Benefits, Holiday Homes.


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Payroll is defined as a method of administrating employees

salaries in the organizations. The process consists ofcalculation of salaries and tax deductions of the employees,

administrating the retirement benefits and disbursements ofsalaries to employees. It can also be called as an accounts

activity which undertakes the salary administration ofemployees in the organization.

PAYROLL MANAGEMENT


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COMPONENT OF PAYROLL


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COMPONENT OF MONTHLYPAYROLL


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COMPONENT OF ANNUAL PAYROLL


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VARIOUS PAYROLLPROCESSES


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COMPENSATION MANAGEMENT IN

CORPORATES &COMPONENTS OF COMPENSATION


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COMPENSATION OVAL


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COMPONENT OFCOMPENSATION

Basic wages/Salaries

Dearness allowance

Bonus Commissions

Mixed plans

Piece rate wages

Sign on Bonuses

Profit sharing payments


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INFORMATION TECHSECTOR( STUDY OF THIS SECTORS

COMPENSATION STRUCTURE)

Indian IT industry is witnessing a highgrowth rate. The sector is recruiting moreand more technical and professionalpeople. The growth rate of recruitment inthe sector has been observed as 14.5%.With the immense recruitments and highattrition rate, organizations focus onhigher competitive packages. The average

increase in the salary during 2006 wasreported as 16%.


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THE AVERAGE SALARY OFFEREDAS PER THE EXPERIENCE OF

EMPLOYEE ARE:


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ENTRY LEVEL COMPENSATION


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MANAGEMENT LEVELCOMPENSATION PACKAGES

THE SALARY STRUCTURE OF TCS &


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THE SALARY STRUCTURE OF TCS &INFOSYS


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COMPENSATION STRUCTURE OF


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COMPENSATION STRUCTURE OFICICI BANK

EARNINGS XX

BASIC ALLOWANCE XXCONVEYANCE ALLOWANCE XX

LEAVE TRAVEL ALLOWANCE XX

HOUSE RENT ALLOWANCE XX

ADDITIONAL HRA XX

MEDICAL ALLOWANCE XX

LEAVE ENCASHMENT XX

TRANSPORT ALLOWANCE XX

SUPERANNUATION ALLOWANCE XX

TOTAL EARNINGS XXTOTAL DEDUCTIONS XX

PROVIDENT FUND XX

INCOME TAX XX

TOTAL EARNINGS-TOTAL DEDUCTIONS NET

SALARY


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Click to edit Master subtitle style

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BIBLIOGRAPHYPRIMARY SOURCE:

1)ICICI BANK2)EVION3)CITIBANKWEBSITES:1)www.payroll.naukrihub.com2)www.wikipedia.com

3)www.indiamba.com4)www.hrsurvey.com


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Thankyou

compensation mgt-group c

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