hi all, can u plz share some thoughts on compensation package? How do design and what are the factors need to be in consideration while designing it? regards rooma
From India, Lucknow
1From India, Lucknow
Hi Rooma,
Can you be more specific as to waht you want to know about compensation.
I wil just give you a brief overview.
1. the first thing that you need to do is job evaluation, to determine the worth of the individual to the company
2. Secondly, see the external job market, and evaluate wht a person in the similar position would be getting in other companies.
3. See the internal constraints. whether your company can match the salary levels of other companies or not, if not do an internal survey throughly and see that each job is paid as per the returns expected from the job
4. All legal matter should be considered, e.g. EPF, Gratuity, Min wages (in case of labourers), Taxes, and the impact of all on the comapnay and in teh take home salary of individuals... every emp is more interested in the take home salary... unless the co is providing Housing and other faciliites.
5. Make sure to take into account every expense being incurred by the co. .. from housing expense to mobile expense, other fringe benefits given to the employee. It all adds to the CTC and is taxable to the co under FBT.
I hope the above is of help to you
thks & rgds
Puja
From India, Guwahati
Can you be more specific as to waht you want to know about compensation.
I wil just give you a brief overview.
1. the first thing that you need to do is job evaluation, to determine the worth of the individual to the company
2. Secondly, see the external job market, and evaluate wht a person in the similar position would be getting in other companies.
3. See the internal constraints. whether your company can match the salary levels of other companies or not, if not do an internal survey throughly and see that each job is paid as per the returns expected from the job
4. All legal matter should be considered, e.g. EPF, Gratuity, Min wages (in case of labourers), Taxes, and the impact of all on the comapnay and in teh take home salary of individuals... every emp is more interested in the take home salary... unless the co is providing Housing and other faciliites.
5. Make sure to take into account every expense being incurred by the co. .. from housing expense to mobile expense, other fringe benefits given to the employee. It all adds to the CTC and is taxable to the co under FBT.
I hope the above is of help to you
thks & rgds
Puja
From India, Guwahati
Hello Rooma,
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Unlike other HR products in the market HR Align permits seamlessly
integrate Workforce management with the best in class HR practices to
unleash the hidden potential and latent talent of your human capital. A lot
of effort has gone in to make this software process friendly by linking People,Strategy and Performance in an organized and efficient manner. It improves performance and accountability, by providing a matrix of critical tools; workflow and information that helps companies drive business results from your HR-activities.
Many more new concepts are coming-up which will reinforce all the core areas in an organisation in large such as ;
1. HR Score Card
2. Succession Planning
3. OHEI Health survey
4. CRM
5. KMS
They will be reached at 09967200517/9892022091 .
Contact Person - Vaibhav Dongare
- Taran Bhatia
Regards,
HR Experts
As Per Our recommendation,there's a Hard Core HR Work Force Mgmt. Software which will take care of all the organisation HR activities by implementing will definately increase not only the performance of the work force but also will help in incresing the efficiency as well as the growth of the organisation .The price of the Software which is designed are affordable & attractive .
Unlike other HR products in the market HR Align permits seamlessly
integrate Workforce management with the best in class HR practices to
unleash the hidden potential and latent talent of your human capital. A lot
of effort has gone in to make this software process friendly by linking People,Strategy and Performance in an organized and efficient manner. It improves performance and accountability, by providing a matrix of critical tools; workflow and information that helps companies drive business results from your HR-activities.
Many more new concepts are coming-up which will reinforce all the core areas in an organisation in large such as ;
1. HR Score Card
2. Succession Planning
3. OHEI Health survey
4. CRM
5. KMS
They will be reached at 09967200517/9892022091 .
Contact Person - Vaibhav Dongare
- Taran Bhatia
Regards,
HR Experts
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Plz do helping.doc