compensation ppt group 5.ppt

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PRESENTED BY GROUP 5 EKANSH GARG- 20 GAURAV CHAUDHARY- 21 ISHITA VERMA- 23 JASHAN PAL SINGH- 24

Transcript of compensation ppt group 5.ppt

  • PRESENTED BY GROUP 5EKANSH GARG- 20GAURAV CHAUDHARY- 21ISHITA VERMA- 23JASHAN PAL SINGH- 24

  • Q1) WHICH OF THE FOLLOWING IS NOT A FORM OF COMPENSATIONA) WagesB) Paid vacationsC) Public AppraisalD) Retirement benefits

  • BASIC PAYCONVEYANCE ALLOWANCEINCENTIVES

  • Q3) THE PRIMARY PART OF PAY PACKAGE WHICH IS GENERALLY DETERMINED THROUGH JOB EVALUATION IS CALLED?(A) Allowances(B) Basic Pay(C) Incentives(D) Fringe Benefits

  • Q4) PROVIDENT FUND, GRATUITY, ENCASHMENT OF EARNED LEAVE, LTC, MEDICAL AID, INTEREST FREE LOANS, STOCK OPTIONS ETC. ARE THE TYPES OF?Perquisites(B) Allowances(C) Incentives(D) Basic pay

  • Q5) ANSWER WHETHER IT IS BASE COMPENSATION OR SUPPLEMENTARY COMPENSATION________________ denotes payments to workers in form of wages and salaries.

    BASE COMPENSATION

  • _____________ are offered in form of employee benefits & services SUPPLEMENTARY COMPENSATION

  • ____________ denotes payments to workers in form of wages and salaries BASE COMPENSATION

  • ___________ payments are made to increase efficiency of employees and to retain them in organization for long-termSUPPLEMENTARY COMPENSATION

  • Q6) IDENTIFY THE COMPENSATION PHILOSOPHIESNo raise on basis of job tenureNo raise for poor performing employeesMarket-adjusted pay structuresPay linked to performance targetsANS) PERFORMANCE PHILOSOPHY

  • Seniority based compensationAcross-the-board raisesPay scale increase annuallyHoliday bonuses given to all employeesENTITLEMENT PHILOSOPHY

  • Q7) MENTION ANY THREE OBJECTIVES OF WAGE AND SALARY ADMINISTRATIONTo establish a fair and equitable remunerationTo attract competent personnelTo retain the present employeesTo improve productivityTo control costsTo improve union management relationsTo improve public image of the company

  • WHAT ARE THE METHODS OF WAGE PAYMENTS?

    PIECE WAGE SYSTEM

    2) TIME WAGE SYSTEM

  • DEFINE TIME WAGE SYSTEM Wages are paid on the basis of time spent on the job irrespective of the amount of work done.The unit of time may de a day, a week, a fortnight or a month.

  • DEFINE PIECE WAGE SYSTEM Wages are based on the amount of work done or output of worker. A specific rate of wage is paid per piece.Greater is number of pieces produced by a worker, higher is his/her remuneration.It focuses on payment by results.

  • Q8) WHICH WAGE SYSTEM IS APPLICABLE IN FOLLOWING CONDITIONS?

    Non-measurable units of output and mental work involved

    No clear cut relation between effort and output

    Time Wage System

  • Q9) CONT. Work done by an individual worker can be measured accuratelyQuantity of output depends directly upon the skills and efforts of the workerFlow of work is regular and interruptions are minimumQuality and workmanship are not very important

    Piece Wage System

  • Q10) CONT.Delays in work are frequent and beyond employees control

    Quality of work is very important

    Machinery and material used are sophisticated and expensive

    Time Wage System

  • Q11) CONT.Work is highly varied in nature and performance standards cannot be established

    Workers are new and learning on the job

    Collective efforts of group are essential for completing the jobTime Wage System

  • Q12) CONT.Quality and workmanship are not very importantMethods of production are standardized and the job is of repetitive natureWhen lesser supervision is possible

    Piece Wage System

  • Q10) MENTION ANY THREE BENEFITS OF INCENTIVE COMPENSATIONWork study done before introducing wage incentive plan helps in improvements in methods, work flow etc.Employees are encouraged to become more innovative.Employees need lesser supervision.It helps in maintaining good human relations in organization.It increases workers morale.

  • WHAT ARE THE TWO BASIS OF INDIVIDUAL INCENTIVES PLAN?

    1)TIME

    2)PRODUCTIVITY

  • HALSEY PLAN AND ROWAN PLAN ARE BASED ON WHICH INDIVIDUAL INCENTIVE PLAN

    1)TIME

    2)PRODUCTIVITYTIME

  • MERRICK PLAN AND TAYLOR PLAN ARE BASED ON WHICH INDIVIDUAL INCENTIVE PLAN?

    1)TIME

    2)PRODUCTIVITY

    PRODUCTIVITY

  • WHICH INDIVIDUAL INCENTIVE PLAN IS TIME BASED?

    1)GANTT PLAN

    2)BEDEAUX PLAN

    BEDEAUX PLAN

  • WHAT ARE THE EMERGING CONCEPTS IN INCENTIVE PLANNING?

    1)PROFIT SHARING

    2) LABOUR CO-PARTNERSHIP

  • WHAT ARE THE FRAMEWORK CHOICES FOR PROFIT-SHARING PLAN?

    1)FUNDING CHOICES

    2)ALLOCATION CHOICES

  • WHAT ARE THE BENEFITS OF INCENTIVE COMPENSATION

    Employees are encouraged to become more innovative.

    2) Employees need lesser supervision.

    3) It helps in maintaining good human relations in organization.

    4) It increases workers morale.

  • WHICH OF THE FOLLOWING IS NOT A FUNCTION OF ESOPS?

    1) Eligibility may be performance or salary level or length of service or a combination of these2) Employee stock option plan is voluntary in nature3) It offers attraction of extra payment for increased productivity4) It makes the employee part owner of the companyAns3:- It offers attraction of extra payment for increased productivity

  • WHICH OF THESE ARE LABOUR-CO PARTNERSHIP CONCEPTS IN INCENTIVE PLANS?

    1)It is an extension of profit-sharing2) It is voluntary agreement between the employer & employees3) The scheme is generally made available to employees with some minimum years of experience4) Employees are made partners of enterprise and are allowed to participate in the management and control of undertaking

    1)It is an extension of profit-sharing4) Employees are made partners of enterprise and are allowed to participate in the management and control of undertaking

  • WHICH OF THESE ARE PROFIT- SHARING CONCEPTS IN INCENTIVE PLANS?

    1) The payment may be in form of cash, companys shares or deposit in PF account.2) Workers participate only in companys profits and not losses3) Workers share in company profits is paid in form shares by which they become entitled to participate in decision-making process 4) It is an extension of profit-sharing

    1)The payment may be in form of cash, companys shares or deposit in PF account.2) Workers participate only in companys profits and not losses

  • WHAT ARE THE COMPONENTS OF COMPENSATION SYSTEM DESIGN ISSUES?

    1)Compensation fairness and equity

    2) Market competitiveness and compensation

    3) Competency based pay

    4) Individual v/s Team rewards

    5) Compensating expatriates

  • FILL THE BOXESA) Competency based payB) Individual v/s Team rewardsC) Lead the marketD) External &equity