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rooma Bal
1

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
puja_jhunjhunwala
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
hr-experts
Hello Rooma,

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Attached Files (Download Requires Membership)
File Type: pdf e_brochure_hr_align_709.pdf (88.7 KB, 37 views)

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