HRM Specialisation Introduction to Strategic Compensation Management: Concept of compensation-Exploring and defining the compensation context–System of compensating–compensation dimensions-concept of reward–Role of compensation in Organization- Non-financial compensation system–Concept of total reward system-New trends in compensation management–The 3-P compensation concept. Compensation and Employee Behaviour: Bases For Traditional Pay System and Modern Pay System–Establishing Pay Plans–Aligning
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Assignment 1 Geico Total Rewards Program Case Study Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text (pp. 15—17). The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages: The first facet is “Health and Well-Being”. Geico offers a variety of medical plans to their employees such as PPO’s‚ HMO’s‚ dental
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Geico to develop well knowledgeable employees as well as maintain a low employee turnover ratio. Theses principles help develop the company that people see today. There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text (pp. 15-17). The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages: Advantages to a Total Rewards Approach The first facet when
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planning‚ organizing‚ staffing‚ leading‚ and controlling. Management process: The five basic functions of planning‚ organizing‚ staffing‚ leading‚ and controlling. Human Resource Management (HRM): The process of acquiring‚ training‚ appraising‚ and compensating employees‚ and of attending to their labor relations‚ health and safety‚ and fairness concerns. Line Manager: A manager who is authorized to direct the work of subordinates and is responsible for accomplishing the organization’s tasks. Staff
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important 3. Which are the objectives for HRM? 1. Staffing (job analysis‚ workforce planning & forecasting‚ Recruiting candidates‚ Testing & selecting) 2. Managing employee relation Keeping the good ones - collective bargaining (unions) - fair treatment (blocks of fairness)‚ careers (from hiring to retirement)‚ discipline and privacy‚ two way communications‚ dismissals compensating (how much to pay) - protecting safety & health 2. Training‚ development
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company in the world. Strategic human resource management is the linking of HRM with strategic goals and objectives in order to improve business performance and develop organizational cultures that foster innovation and flexibility. To ensure its workforce and business strategies are aligned‚ different approaches relevant to the Strategic Human Resource Management model are undertaken. Approaches The best practice view is different from the best fit view because a universal prescription is preferred
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Legal requirements for employee benefits As we discussed earlier in this chapter‚ some benefits are required by law. This requirement adds to the cost of compensating employees. Organizations looking for ways to control staffing costs may look for ways to structure the workforce so as to minimize the expense of benefits. They may require overtime rather than adding new employee‚ hire part-time rather than full-time workers(because part-time employees generally receive much smaller benefits
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subordinates; establishing channels of authority and communication; coordinating the work of subordinates. Staffing. Determining what type of people should be hired; recruiting prospective employees; selecting employees; setting performance standards; compensating employees; evaluating performance; counseling employees; training and developing employees. Leading. Getting others to get the job done; maintaining morale; motivating subordinates. Controlling. Setting standards such as sales quotas‚ quality
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resource management mindset. Human resource management is the department in an organization that deals with the management of human resources. Headed by a human resource manager‚ this department deals with employee matters like acquiring‚ appraising‚ compensating employees‚ and of attending to their labor relations‚ health and safety‚ and fairness concerns. It is therefore important that emphasis is placed on how to best match and develop an appropriate human resource management approach system of managing
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Nature‚ Scope And Role Of Managers Management Definition‚ Nature‚ Scope And Role Of Managers Presented By Group No. 1 (Stephen Covey) Member’s Name:- ATUL MISHRA (COORDINATOR) SANGHARSH KUMAR RAJEEV KR. SHARMA SHAILENDRA RAKESH SINGH CHANDEL 6. JEETENDRA RAI OBJECTIVES:- : OBJECTIVES:- After this presentation you will be able to define – Management Nature of Management Scope of Management Functions Of Management Role Of Managers About Stephen Covey : About Stephen Covey Birth- Stephen
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