NMIMS MBA Compensation & Benefits Solved Answer Assignment
15
Oct
2024
Compensation & Benefits
Introduction
Businesses typically apply a wage structure when determining employee pay to ensure that employees are paid fairly and by applicable regulations. It ensures that individuals working in equivalent roles and positions get paid equivalently. You will be able to determine the minimum and maximum earning potential for a particular job function by understanding how companies utilize such a structure to manage payments. This will allow you to make more informed decisions regarding your professional future.
Concepts and applications
What are the various types of employee compensation?
Different nations have varying approaches to how they pay their employees. For instance, a sizable portion of an employee’s total income and benefits package in the United States comprises health insurance coverage. In many regions of Europe, paid parental leave, childcare, and lunch expenditures are more commonplace.
There are two main types of compensation:
Direct compensation (financial)
Indirect compensation (financial & non-financial)
Conclusion
It is necessary to understand employee benefits and different types of compensation, as well as to design all of your employee’s attractive compensation packages if you want to recruit top talent to your firm and keep the employees there pleased.
Introduction
The practice of systematically determining the worth of one job to those of other positions within an organization is known as job evaluation. The job evaluation plan of the organization identifies, defines, and assigns weights to the various aspects that go into determining the value of a particular position. By assessing the work’s degree of difficulty and its significance to the organization, the objective is to create a logical and well-organized employment hierarchy based on its value to the business.
Concepts and applications
Gathering all of the information and facts necessary for the job description is the first stage in the flowchart for evaluating jobs. You may determine how valuable a job is to a company by analyzing the data collected about its many responsibilities. After assessing the worth of the position, the next step is to incorporate the organization’s work structure. Individual evaluation of studies promotes equal work allocation and includes members of underrepresented groups and people of both genders in the organizational structure.
Conclusion
Thus, job appraisal processes are unavoidable. An organization’s and its personnel’s development and advancement are only possible with a system for evaluating jobs. It is one of the factors that help the result of an effective labor and employment system. Everyone in your organization has the impression that they are valued in proportion to their contributions.
3a. Introduction
The purpose of conducting a job analysis is to identify the appropriate level of compensation for a position by analyzing the duties and responsibilities associated with that employment. Employers might think about the required degree of education and experience, the difficulty of the work, and the amount of responsibility involved in the position.
Concepts and applications
Types of direct compensation
Direct compensation can take several forms, each of which has its distinct structure and function and can be provided to workers by their employers in various ways.
Salary and wages
Employees earn a salary or an hourly wage, which is a predetermined sum for their job and is often paid on a predetermined schedule (such as weekly, bi-weekly, or monthly). Salary and hourly wages is not the same thing.
Overtime pays
When an employee works longer than the agreed-upon amount of hours in a workweek, they are entitled to receive additional overtime pay, typically paid at a higher rate per hour.
Conclusion
All of the components of direct compensation have been discussed up until this point. Info tics can utilize the information above to decide on modifying its pay structure.
3b. Introduction
Indirect compensation, also known as employee benefits, is a non-monetary remuneration companies provide to their employees as a reward for their work, position, or years of service. Indirect compensation is a form of employee benefits businesses offer as a reward for their work, place, or years of service.
Concepts and applications
Here is a list of indirect compensation components:
Pension plans
Pension plans are often managed on behalf of employees by companies, which helps to ensure that professionals will have financial stability once they reach retirement age. A pension plan communicates to workers that their employer is concerned about them as individuals and values their contributions to the company for their employment there. This form of compensation can be helpful to professionals later in life by allowing them to pay for unforeseen occurrences, which may minimize the stress they feel if they face such a challenge.
Conclusion
We have gone over various indirect compensation aspects, as requested in the inquiry. The reader will understand them, and the corporation will be able to choose.
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