Employee benefits - compensation management - Manu Melwin Joy
Employee Compensation and Benefits
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Transcript of Employee Compensation and Benefits
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CompensationMuhammad Adeel & Fakhar Husnain
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Agenda
❏What is Compensation
❏Different Types of compensation
❏Weight & Effect of Compensation Policy for an organization
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What is Compensation ?❏Employee compensation
refers to the benefits (cash, vacation, etc.) that an employee receives in exchange for the service they provide to their employer.
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Types of Compensation
❏Cash Compensation
❏ wages or Salaries
❏Retirement Plans
❏Paid Leaves
❏Life Insurance
❏Disability insurance
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Cash Compensation
❏Cash Compensations are all cash payments earned by an employee in the form of wages , salaries, overtimes Etc.
❏TCC (Total Cash Compensation)❏ Cash Payments earned within a year of full-time
employment
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Retirement plans❏A retirement plan is
a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions.
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Paid Leaves
❏ Paid leaves are generally a pre-determined number of paid leaves an employer offers to employees, every year. This leave is treated
more like a benefit from the employee's point of view.
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Life Insurance
❏sum of money either on the death of the insured person or after a set period.
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Disability Insurance❏ periodic payments of
benefits when a disabled insured is unable to work
❏ The insurance product is designed to replace anywhere from 45 to 65% of your gross income on a tax-free basis
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Effect on Organization
❏Employee Motivation
❏Effectiveness in attracting new Talent
❏Cost Effectiveness
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Cost Effectiveness Ratio
Costnew strategy - Cost Current Practice
❏ Cost Effectiveness Ratio = -------------------------------------------------
Effectnew strategy - EffectCurrent
Practice
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Questions ?
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References
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