Implant Hr Employee Valuation - what is the right value of an employee ?
This question is relevant when you change jobs or even when you grow in the same organisation.
From India, Mumbai
4This question is relevant when you change jobs or even when you grow in the same organisation.
From India, Mumbai
We are providing actuarial consultancy in the area of employee benefits wherein compliance of Accounting Standards of the Institutes of Chartered Accountants is applied. Most important institute, in the Indian context, is The Institute of Chartered Accountants of India. The relevant accounting standard applicable to accounting for employee benefits issued by The Institute of Chartered Accountant of India is Accounting Standard-15 (Revised 2005) and some of the important employee benefits involving actuarial treatment are :-
Gratuity
Leave Encashment
Pension
Post Retirement Medical Benefits
Since annual financial statements such as Balance Sheet and Profit/ Loss Statement of your clients are at hand for the close of the financial year as on 31.03.2013, the services we deal in will be needed by you and we will be happy to provide our services if needed. For further details we request you to visit our website at <link no longer exists - removed>
Tikaram Chaudhary
9211637063
From India, Delhi
Gratuity
Leave Encashment
Pension
Post Retirement Medical Benefits
Since annual financial statements such as Balance Sheet and Profit/ Loss Statement of your clients are at hand for the close of the financial year as on 31.03.2013, the services we deal in will be needed by you and we will be happy to provide our services if needed. For further details we request you to visit our website at <link no longer exists - removed>
Tikaram Chaudhary
9211637063
From India, Delhi
Hi!
The above question and the response given create a certain sense of intrigue and interest on this topic.
In the compensation framework, what is being assessed and given value is the "job" or "role" that an employee assumes or performs in an organization. Hence, we talk about job analysis, job evaluation, job classification, & market compensation surveys to be able to determine a job's relative value or worth in a given industry and/ or country.
I think many of us know that there is a big difference between "the job" and "the incumbent" (the employee). Hence, in JE (job evaluation), we make it very clear to employees of a company (from the onset of a JE project) that what will be evaluated are their jobs and not them.
The evaluation of employees is the concern of Performance Management System (PMS). But, again, what is evaluated in a PMS is the performance of the employee vis-a-vis his job targets/ objectives vs actual outputs.
Hence, can the actuarial science, tool, and methodology be an appropriate tool in compensation? I know employee retirement and pension schemes use actuarial methodology in establishing the appropriate amounts needed to be funded for a retirement and pension scheme to be started and make it successful.
But, will it work with salaries? Will employers agree to pay employees based on other factors---- other than the way market forces have currently priced jobs?
Best regards.
Ed Llarena, Jr.
Managing Partner
Emilla International Consulting Services
From Philippines, Parañaque
The above question and the response given create a certain sense of intrigue and interest on this topic.
In the compensation framework, what is being assessed and given value is the "job" or "role" that an employee assumes or performs in an organization. Hence, we talk about job analysis, job evaluation, job classification, & market compensation surveys to be able to determine a job's relative value or worth in a given industry and/ or country.
I think many of us know that there is a big difference between "the job" and "the incumbent" (the employee). Hence, in JE (job evaluation), we make it very clear to employees of a company (from the onset of a JE project) that what will be evaluated are their jobs and not them.
The evaluation of employees is the concern of Performance Management System (PMS). But, again, what is evaluated in a PMS is the performance of the employee vis-a-vis his job targets/ objectives vs actual outputs.
Hence, can the actuarial science, tool, and methodology be an appropriate tool in compensation? I know employee retirement and pension schemes use actuarial methodology in establishing the appropriate amounts needed to be funded for a retirement and pension scheme to be started and make it successful.
But, will it work with salaries? Will employers agree to pay employees based on other factors---- other than the way market forces have currently priced jobs?
Best regards.
Ed Llarena, Jr.
Managing Partner
Emilla International Consulting Services
From Philippines, Parañaque
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HR Manual (Employee Hand Book).doc