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
Acknowledge(0)
Amend(0)
1From India, Lucknow
Acknowledge(0)Amend(0)
Hi Rooma,
Can you be more specific as to what you want to know about compensation?
I will 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 what a person in a 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 thoroughly and ensure that each job is paid as per the returns expected from the job.
4. All legal matters should be considered, e.g., EPF, Gratuity, Minimum wages (in the case of laborers), taxes, and the impact of all on the company and in the take-home salary of individuals. Every employee is more interested in the take-home salary unless the company is providing housing and other facilities.
5. Make sure to take into account every expense being incurred by the company - from housing expenses to mobile expenses, and other fringe benefits given to employees. It all adds to the CTC and is taxable to the company under FBT.
I hope the above is of help to you.
Thanks & Regards,
Puja
From India, Guwahati
Acknowledge(0)Amend(0)
Can you be more specific as to what you want to know about compensation?
I will 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 what a person in a 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 thoroughly and ensure that each job is paid as per the returns expected from the job.
4. All legal matters should be considered, e.g., EPF, Gratuity, Minimum wages (in the case of laborers), taxes, and the impact of all on the company and in the take-home salary of individuals. Every employee is more interested in the take-home salary unless the company is providing housing and other facilities.
5. Make sure to take into account every expense being incurred by the company - from housing expenses to mobile expenses, and other fringe benefits given to employees. It all adds to the CTC and is taxable to the company under FBT.
I hope the above is of help to you.
Thanks & Regards,
Puja
From India, Guwahati
Acknowledge(0)Amend(0)
Hello Rooma,
As per our recommendation, there's a "Hard Core HR Workforce Management Software" which will take care of all the organization's HR activities. Implementing this software will definitely increase not only the performance of the workforce but also help in increasing the efficiency as well as the growth of the organization. The price of the software, which is designed, is affordable and attractive.
Unlike other HR products in the market, HR Align permits seamless integration of 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 into making this software user-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 their HR activities.
Many more new concepts are coming up which will reinforce all the core areas in an organization at large, such as:
1. HR Scorecard
2. Succession Planning
3. OHEI Health survey
4. CRM
5. KMS
They can be reached at 09967200517/9892022091.
Contact Person: Vaibhav Dongare
Email: v.dongare@netersontech.com
- Taran Bhatia
Email: t.bhatia@netersontech.com
Regards,
HR Experts
Acknowledge(0)Amend(0)
As per our recommendation, there's a "Hard Core HR Workforce Management Software" which will take care of all the organization's HR activities. Implementing this software will definitely increase not only the performance of the workforce but also help in increasing the efficiency as well as the growth of the organization. The price of the software, which is designed, is affordable and attractive.
Unlike other HR products in the market, HR Align permits seamless integration of 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 into making this software user-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 their HR activities.
Many more new concepts are coming up which will reinforce all the core areas in an organization at large, such as:
1. HR Scorecard
2. Succession Planning
3. OHEI Health survey
4. CRM
5. KMS
They can be reached at 09967200517/9892022091.
Contact Person: Vaibhav Dongare
Email: v.dongare@netersontech.com
- Taran Bhatia
Email: t.bhatia@netersontech.com
Regards,
HR Experts
Acknowledge(0)Amend(0)Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Compensation and HR practices- questionnaire.d oc
Karnataka Minimum Wages Attention ofl affected employers. HR, Lega, Compensation professionals.p df