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Compensation Strategy Challenges | * Human resource want to increase the performance, to retain key employees, bring new skilled talents to the company and they want to keep costs under a strict control. * Finding, motivating, developing and keeping employees is a key component of business success * The compensation components cannot be managed discretely, they have to be a part of the overall strategy - the company has to define the competitive compensation strategy.Compensation Strategy * Compensation systems in organizations must be linked to organizational objectives and strategies. But compensation also requires balancing interests and costs of the employer with the expectations of employees. * A compensation program†¦show more content†¦* Indirect Financial Compensation (Benefits) - All financial rewards not included in direct compensation such as paid vacations, sick leave, holidays, and medical insurance. * Nonfinancial Compensation - Satisfaction that person receives from job itself or from psychological or physical environment in which person works. | Motivating Employees through Compensation | 1. Expectancy Theory: * a theory of motivation that holds that employees should exert greater work effort if they have reason to expect that it will result in a reward that they value. Employees also must believe that good performance is valued by their employer and will result in their receiving the expected reward. 2. Pay Equity Theory: * Equity is balance between the inputs an individual brings to a job amp; the outcomes they receives from it. * Employees inputs includes experience, education, special skills, efforts and time worked. * Outcomes includes pay, benefits, achievement, recognitions, and any other rewards. * Inputs and outcomes are in different units, and are hard to compare to each other directly. * Equity theory suggest that individuals determine whether they are being fairly treated by comparing their own inputs/outcomes ratio to the input/outcome ratio of others. | Pay Equity Theory | * Three element of equity can be distinguished: external, internal amp; individual.1. External equity: refers to comparison of similar jobs in differentShow MoreRelatedDoc, Docx, Pdf, Wps, Rtf, Odt1501 Words   |  7 PagesWhat Is Arbitration? Arbitration is a fast way to get a decision when you are in a dispute. Arbitration is more flexible and less formal than court. Usually, an arbitration can be scheduled faster than a trial. Sometimes, if the parties want, arbitrators can decide things that judges are not allowed to decide. Arbitration is like a trial but less formal. In arbitration, two sides present their evidence to an arbitrator. The arbitrator decides who wins and who loses. An arbitrator does the jobRead MoreDoc, Docx, Pdf, Wps, Rtf, Odt6285 Words   |  26 PagesLetter of Transmittal Sep. 1, 08 Ms. ............... Lecturer Department of BBA Stamford University Bangladesh Madam, We are very glad to inform you that we are going to submit the study report titled Management Practices in Business Organizations based on the management practices in Taj King Industries (Pvt.) Ltd a reputed melamine wares manufacturer amp; exporter In this study report, we have tried to include all the factors we thought essential for previously mentioned title. We haveRead MoreDoc, Docx, Pdf, Wps, Rtf, Odt683 Words   |  3 Pages ------------------------------------------------- Top of Form Bottom of Form * * * ------------------------------------------------- Top of Form SignUp|Loginor use Bottom of Form * Home * Articles * Docs * Concepts * BrandGuide * Colleges * Forum * Careers * FunCorner * Quizzes * You are here:  Ã‚   Home BrandGuide FMCG Lifebuoy Lifebuoy lt; Lever Ayush.. |    | Liril 2000.. gt; | Lifebuoy | Parent Company | HUL | Category | Personal Care –Read MoreDoc, Docx, Pdf, Wps, Rtf, Odt3226 Words   |  13 PagesTAYLOR’S BUSINESS SCHOOL TU/UWE Dual Awards Business Programmes STA60104 Quantitative Methods for Business Formulae and Distribution Tables Mathematical Formulae 1. Simple Interest: A=P(1+rt) 2. Compound Interest: A=P(1+i)n ïÆ' © ï€ ¨1 ï€ « i ï€ ©n ï€ ­ 1ïÆ' ¹ 3. Future Value: FV=PMT ïÆ' ª ïÆ' º i ïÆ' « ïÆ' » 1 ï€ ­ (1 ï€ « i ) ï€ ­ n 4. Present Value: PV ï€ ½ PMT ï‚ ´ i or PMT= FV ï‚ ´ i (1 ï€ « i) n ï€ ­ 1 or PMT= PV ï‚ ´ i 1 ï€ ­ (1 ï€ « i ) ï€ ­n Statistical Formulae ïÆ' ¥x 1. Sample Mean: x ï€ ½ 2