Defines and documents the duties, responsibilities and accountabilities of a job and the conditions under which a job is performed
Job Specifications
States minimum acceptable qualifications.
Compensation and Benefits
Employees are the backbone to our ability to create and sustain a competitive advantage. Employees are compensated with a competitive salary and variable bonus program, recognizing both individual and team performance. The pay for performance program ties salary increases and promotional opportunities to individual and organizational achievements. In order to achieve good internal equity and external competitiveness, we also recognize that there are more ways to reward our employees than just providing a salary
Below is a brief overview of company benefits program:
Financial Protection
Life insurance, short-term disability, and long-term disability coverage are offered;
Provident fund, gratuity, pension for employees; Health and Welfare Benefits
Competitive medical coverage effective on your first day of work;
Retirement Plan;
You May Also Find These Documents Helpful
-
Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to recognizing and rewarding our employees for their performance and contributions to the overall company’s success. Because it is a signficiant factor, we need to carefully evaluate the three options in my report.…
- 2510 Words
- 11 Pages
Powerful Essays -
One performance based pay strategy is bonuses. This links an employees pay to performance results and…
- 438 Words
- 2 Pages
Satisfactory Essays -
Stillwell, L. (2002, December 16). Performance-based compensation increasingly popular. The business review, Retrieved from http://www.bizjournals.com…
- 3982 Words
- 16 Pages
Best Essays -
Ferracone, R. A., & Borneman, J. P. (2001). Putting pay for performance back into incentive programs. Compensation & Benefits Management, 17(4), 29.…
- 2303 Words
- 7 Pages
Powerful Essays -
One growth strategies that Mr. Wilson should consider for growing his business, Tuscan Treasures is to implement a sales incentive program. In most cases, Employees will work harder if there is a target (incentive) provided for them to strive for. Many successful and progressive businesses are embracing performance-based compensation and incentive programs. Why? Because most of the time, they meet a need and offer tangible benefits.…
- 989 Words
- 4 Pages
Good Essays -
A company’s fundamental purpose and objective of compensation is to provide adequate and equitable rewards to employees at a level that matches theirs skills, abilities and contributions to the company (DeNisi, Angelo S., Griffin, Ricky W., 2008, p. 284. Para. 1). Compensation is the human resource management function that deals with every type of reward that individuals receive in return for performing work – including financial and nonfinancial rewards. Financial rewards include direct payments (e.g. salary) plus indirect payments in the form of employee benefits. Nonfinancial rewards include everything in a work environment that enhances a worker’s sense of self-respect and esteem by others (Cascio, 2006, p.418, Para. 1).…
- 1391 Words
- 6 Pages
Best Essays -
Job description - defining the role, responsibility level (eg Manager, Deputy Manager, Assistant etc). It might include limits on decision making/to whom one reports/is supervised by.…
- 655 Words
- 3 Pages
Satisfactory Essays -
A: Job description - defining the role, responsibility level (e.g. Manager, Deputy Manager, Assistant etc). It might include limits on decision making/to whom one reports/is supervised by.…
- 385 Words
- 2 Pages
Satisfactory Essays -
A job description is a list of the general tasks, or functions, and responsibilities of a position. Lists of working conditions that come with a job for example, pay hours or duties. Typically, it also includes to whom the position reports, specifications such as the skills needed by the person in the job, salary range for the position…
- 1063 Words
- 5 Pages
Good Essays -
Companies today should mirror their compensation and benefit programs with their long- term business strategy and organizational culture. According to Casio (2010), “Pay systems are designed to attract, retain, and motivate employees” (p.421). The most important objective is fairness or to achieve internal, external, and individual equity; and maintain a balance in relationships between direct and indirect forms of compensation, and between the pay rates of supervisory and nonsupervisory employees. Employers must perform job analysis, develop job descriptions, evaluate the value of job/position in the organization, develop pay structure and pay levels to create competitive employee compensation and benefits (Cascio, 2010).…
- 386 Words
- 2 Pages
Satisfactory Essays -
Recognize excellent performance, and especially, link pay to performance to reduce employee turnover. Your key employees are motivated when their above-average efforts are recognized and rewarded.…
- 476 Words
- 2 Pages
Better Essays -
8. Job Analysis is the process of obtaining information about jobs through a process of determining what the duties, tasks or activities of those jobs are.…
- 364 Words
- 2 Pages
Satisfactory Essays -
Job analysis—The procedure for determining the tasks and responsibilities of each a job, and the human attributes (in terms of knowledge, skills, and abilities) required to perform the job.…
- 1197 Words
- 6 Pages
Powerful Essays -
Performance-related pay (PRP) grew during the 1980s and 1990s due to the decline in Payment by Results (PBR) schemes. PRP looked beyond traditional PBR incentives, they reward individual contributions based on performance rather than on effort. These incentive schemes can filter throughout an organisation to motivate manager’s right through to the manual workers.…
- 2023 Words
- 9 Pages
Powerful Essays -
• Medical with employee contribution and co-pay. This will be structured to cover doctor visits, emergency room visits, and hospital stay. The organization will pay the first five days an employee is hospitalized, with the employee contributing $100 per day for every subsequent day they are in hospital.…
- 954 Words
- 4 Pages
Good Essays