HUMAN RESOURCE MANAGEMENT Remuneration. Compensations & benefits
REMUNERATION =total compensation that an employee receives in exchange for the service they perform for their employer. It consists of monetary rewards+ complementary benefits.
Monetary rewards=wage or salary. A salary is a form of periodic payment from an to an employee, which may be specified in an employment contract (office job) A wage is a compensation, usually in trident layers, received by workers
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
Total compensation structure
WHAT COMPANIES PAYING FOR? • Position (functions) • Result • Competencies (skills, posibilities) • Market value • Human capital • Work conditions
TOTAL COMPENSATION STRUCTURE Common examples Inneer l Administrative l l Social l Elements of compensation Quality of life Involvement Development Non material compensation Cars Clubs Med. observs “Active benefits” “Passive benefits” Motivation l l PENSION Med. service Outer (economic) l Stocks l Participation in profit l l Annual bonuses Bonuses l Fixed salary l Hourly based wage Economic – everything that has a monetary form Definition TOTAL MATERIAL AND NON MATERIAL Total material TOTAL Long term bonuses Short term bonuses Salary Т O TS AA L L A R Y mo n. I N C O M E C O M P E N S А T I O N
Primary "operating conditions (total" direct "compensation) Fixed salary (company warranty) Variable payments (shortterm) Variable payments (longterm) Первичные” условия работы (общее “прямое” вознаграждение) Твердый оклад (Фирменная гарантия) Варьируемые выплаты (краткосрочные) Варьируемые выплаты (долгосрочные)
STAGES OF PROJECTING OF WAGE SYSTEM (PRACTICAL ASPECT) Setting up strategic aims and policies of work Examination of results and expenses checking system Modeling proper organization of work Setting time rates for operations Projecting suitable planning system Offer new rules of payroll calculation Organize wide communication work (before and after previous point) Adjustment of analytical system Prepare necessary regular organization events
PENSION PROGRAMS
C. P. P Corporate pension program (CPP) - a system of measures of maintaining the customary standard of living of workers after their retirement Корпоративная пенсионная программа (КПП) – это система мер со стороны работодателя, направленная на поддержание привычного уровня жизни работников после выхода их на пенсию
comparison 100% of companies offer employees health insurance and pension plan. To pension plans and endowment insurance accounts for 25 to 50% of an employee benefits package||На пенсионные программы и накопительное страхование приходится от 25 до 50% стоимости социального пакета работника In Russia, corporate pension plans provide only 13% of employers (40% of them only to senior management).
SEVEN KEY ISSUES IN THE AREA OF REMUNERATION What? permanent part or the variable part, NE (of Based on what? position, results or competence. . . ? To whom? To everyone or only some groups? Why? to attract, retain, motivate, (promote) The rules? What are the rules for the distribution? How much? internal equity, external competitiveness, opportunities, . . . ? Funding? budget, operating profit, . . . ?
The object of sales at labor market? §Manpower, §Labor services, §Labor
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Lecture Remuniration - копия.pptx