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COMPENSATION AND BENEFITS

Horizontales
refer to new and innovative methods of compensating employees.
T/F: Praise can be useful for one-on-one situations, such as quarterly employee reviews.
Providing an opportunity for career advancement is often one of the most influential incentives a manager can offer because it can give an employee a feeling of importance and growth. May include an advanced role, a new job title and a salary increase.
T/F: Compensation examples are holidays ,insurance plans, social security benefits & paid leave vacations
What is our Topic
Once physiological needs are met, individuals seek safety and security, which includes physical safety, financial stability, health, and protection from harm.
Compensation policy can be good motivates, if pay increases are linked with merit.
pay system, salary levels are based on an employees skills, as opposed to job title.
Verticales
Wages & salaries in the organisation should be in line with wages & salaries for comparable jobs in the other organisations.
Non-monetary rewards or provisions offered to employees in addition to their compensation, such as health insurance, retirement plans, and paid time off.
is the internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job, role, or to make an effort to attain goal.
The incentive theory suggests that management can invoke motivation by reinforcement, recognition, through incentives and rewards.
The pay structure of an organization must be in compliance with the prevailing laws & regulations of the country.
similar to a pay grade system, except all jobs in a particular category are assigned a specific pay category.
Monetary payment given to employees in exchange for their work