Wondering someone will comeup with valid reply....... But I cannot wait for sooo long.
I though this may be the one thing that I need to share with people who are not having answer.
I have got the answer.....
I have found good ppt on the Compensation and Benefit, which might help you to learn something on the subject.
Will keep posting few more files that I found while make CandB training ppt
Here it is.........
let em enumerate by examples:
in old times these were 4 stages in life.. people used to do fulltime study, then earn, then retire..
now the model has changed... people can learn/ earn/ enjoy concurrently...
check population sizes of children, young adults, retirees etc..
they have an important bearing on who is going to pay for social security benefits and whether we have enough skilled manpower
technology may exert pressure on a target population eg rise of online tuitions due to better telecom infrastructure/ software etc may make availablity of talented teachers scarce. schools may have to pay more.. people may switch careers
there are 9 career anchors in a persons life, check RSI instrument.
rise of environmental awareness can shift industries from one place to another..
a good advice for you would be to pick up formal learning in compensation & benefits..
feel free to ask questions..
am a certified compensation & benefits manager...
there is no innovative aspect in my answer to your query above. it was simply well informed and comprehensive.
"Cost of living indexation" is simply an annual exercise. that is taken care by variable DA in case of minimum wages and factored in annual increases.
salaries cannot increase in perpetuity..
factor in global equity (worldwide) and external equity (outside the company) before allowing for increases in above.
for eg a govt sweeper gets X amount, private contractor hires 5 sweepers in same sal.. change in legislation or technology can change that all together.
Sr Manager - HR & Admin
I am amazed to see the list attached for different courses you have undergone as appended below :
(CPCD,CCBM,CPTP, CODA,CLDM,WRAP,COPC, CIQA- QMS 9001/ OHSAS 18001, CIISA etc)
Can you please tell which according to you is the best course/learning to grind down and below in compensation & benefits. I too need to have some more learning in the subject to enable new trends for integration in our structure.
normally people start their career in IR/ payroll or recruitment..
for IR background, Worldwide responsible apparel production helps in understanding the rationale of social compliance and laws in first place..
if people are good in payroll/ direct taxes then Compensation & benefits.. in C&B one learns how to make position descriptions/ job evaluation using job grading or hay point factor, RSI index to understand career anchors of an individual, cafetaria system of benefits..
if recruitment, then one can learn competence mapping ...same thing would be a basis for all training programs/ succession planning etc..
we try to understand whether the individual fits in.. different tests exist.. they help us in gaining a better judgement.. eg if u take a english language test, we understand the level of a candidate. substitute is we rely on our judgment but test has a major advantage (free from rater bias)...
pschometric testing like PSI/ MBTI etc help in understanding better.
used as base for hiring or T&D....
information security is a critical aspect, ISO 27001 has 127 control points.. else a HR guy could never fathom the importance of background checks/ workplace surveillance/ non disclosure agreements etal. HR aspect is taken care in 3 points...
to make procedures/ policies etc a good implementation experience of ISO 9001 helps...
for operational aspects, six sigma/ COPC etc come into play
Its nice to know that some people could attain so much credentials in his/ her career. Indeed, we can learn a lot from people like you Surya. I hope you'll try to interact more frequently and engage yourself in the discussion of various topics here at Cite HR.
The environment is a huge area to consider in compensation & benefits. If one would look at the annual study being conducted by the big international consulting companies like HayGroup, Hewitt, Mercer, etc., you will see that their focus is more on the C & B practices of organizations operating in the areas where their study is being done. But the market data and report that they produce only serve as reference materials in the determination of a company's C & B ---- whether their existing pay & benefits are externally competitive or not.
There are THREE (3) other factors that would normally come into play when the top management in an organization decides to make some changes in their C & B structure. These are: the employees demand for internal equity, the organization's capability to afford the total C & B cost, and the overall capability of the organization to sustain the total C & B cost in the long term. I call these factors (together with the market data) as the "basic principles in compensation".
Ed Llarena, Jr.
Emilla International Consulting Services