Professional Documents
Culture Documents
1-Compensation in Knowledge Based World
1-Compensation in Knowledge Based World
1-Compensation in Knowledge Based World
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COMPENSATION
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Need to redesign compensation and reward system to improve employee morale and motivation. This pushed enhancement in knowledge & skills of compensation management professionals.
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Money makes the mare go.- Influence behavior, motivation level. Understand relationship between money and life style. Money brings honor, friends, conquests & riches (john milton , a poet).
Criteria for classes in the society income, property, occupation, education
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Total Compensation
Insurance Plans
Medical Dental Life
Security Plans
Pensions
Employee Services
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WORKING POOR.
Have part or full time jobs. Low income housing. Some furniture & clothing. Strive to move into lower middle class.
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Lower middle class. Do not have luxury of wasting money. Just one step away from returning to lower income class. Mostly single earner family. Can afford to buy small house . Little or no savings, deeply in debts. Job loss is problem. Financial problem can be disastrous.
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The wealthy.
Not too many families in this class. Develop saving and investment. Good life for the remainder of their lives. Distinctive household, furnishings is common. Eye caching designers cloth, high performance automobiles. Spend 25% income in leisure activities. Luxury is way of life.
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