Scribd Logo
Upload

Welcome to Scribd!

  • Managing Compensation: Dr. Ajay Singh

    Uploaded by

    Aashka Aggarwal
    18 views11 pages
    This document discusses compensation and motivation in the workplace. It outlines the three R's of motivation - reward, recognition, and responsibility. It also describes the four P's of fixing compensation as position, person, performance, and place. Finally, it discusses factors that influence compensation such as market rates, cost of living, organizational strategy, and job evaluation methods.

    Original Description:

    designing compensation

    Original Title

    Compensation.ppt

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPT, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document discusses compensation and motivation in the workplace. It outlines the three R's of motivation - reward, recognition, and responsibility. It also describes the four P's of fixing compensation as position, person, performance, and place. Finally, it discusses factors that influence compensation such as market rates, cost of living, organizational strategy, and job evaluation methods.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    18 views11 pages

    Managing Compensation: Dr. Ajay Singh

    Uploaded by

    Aashka Aggarwal
    This document discusses compensation and motivation in the workplace. It outlines the three R's of motivation - reward, recognition, and responsibility. It also describes the four P's of fixing compensation as position, person, performance, and place. Finally, it discusses factors that influence compensation such as market rates, cost of living, organizational strategy, and job evaluation methods.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    of 11

    Managing Compensation

    HRM

    Dr. Ajay Singh

    The Three Rs to motivate employees

    The Three Rs
    Reward Recognition Responsibility

    What is Compensation?How is it fixed?

    Is it money for labour? Is it money for the effort made and time spent?

    It is money for value (Contribution).

    The Four Ps of fixing compensation

    The Four Ps of fixing compensation are:


    Position Person (qualification) Performance Place (cost of living, difficulty level, etc.)

    Types of Remuneration in a Pay Structure


    Direct Financial Benefits
    Basic Pay, PLR, incentives, DA, Fringe benefits, HRA, etc.

    Indirect Financial Benefits


    Paid holiday, ESOP, reimbursement against medical etc.

    Factors that influence compensation.

    Compensation of each job depends on.


    External Factors
    Market Rate (Market survey conducted) Cost of Living Legal Considerations

    Internal Factors
    Organisational Strategy Job Evaluation Capacity to Pay Union Influence

    Job Evaluation
    What is Job Evaluation? Popular methods of job evaluation are...
    Ranking Method Job Classification (or grading) Method Factor Comparison Method Point Rating (each compensatory factor has a point)

    New Methods of Salary Fixation


    Broad banding Performance and competency based reward
    Gain sharing small group incentives Individual incentives Bonus knowledge/competency based

    Does PRP actually motivate people?

    You might also like