- Impact of Compensation and Benefits on Job Satisfaction
- Abstract (executive summary)
- Crafting a Compensation & Benefits Plan - Research Paper Example
- Compensation & Benefits Review: SAGE Journals
- Attracting Top Talent
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Copy URL. Employee Satisfaction Towards Compensation Policies. See all articles by Y. Chitra Rekha Y. The National Social Security Insurance and Pension Funding market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic Market Research Report is an in-depth evaluation of the industry in the United States. The Payroll Services industry includes companies except offices of CPAs engaged in the following without also providing accounting, bookkeeping, or billing The Third Party Browse Research.
Employees, as well as business owners, are always interested in what is available when it comes to compensation and benefits so they can plan accordingly. Since these benefits are increasingly expensive for businesses to offer, the options available to employees can change frequently. In order for an employee to utilize this information effectively they must be aware as to what is available and when, they must also be able to understand how things work in regard to managing time and finances.
Employees want to know and understand what is offered to them and the business owners as well as the employees want to make sure it is properly maintained. In order to keep track of the compensation and benefits within an organization, there are many key parts that must be considered including the day-to-day administrative services such as financial planning, personnel, benefit plans K , pensions, health insurance, retirement services, and leave administration.
Within the reports offered on our service you will find information ranging from outsourcing services to benefits management. These reports will help ensure the best practices for both company and employee. It is always a fixed percentage on the target achieved.
Impact of Compensation and Benefits on Job Satisfaction
For taxation purposes,commission is again a taxable component of compensation. The payment of commission as a component of commission is practiced heavily on targetbased sales. Depending upon the targets achieved, companies may pay a commission on amonthly or periodical basis.
Compensation Theory and Practice 20 Mixed plans:- Companies may also pay employees and others a combination of pay as well ascommissions. This plan is called combination or mixed plan. Apart from the salaries paid, theemployees may be eligible for a fixed percentage of commission upon achievement of fixed targetof sales or profits or Performance objectives.
Nowadays, most of the corporate sector is following this practice. This is also termed asvariable component of compensation. Piece rate wages:- Piece rate wages are prevalent in the manufacturing wages. The laborers are paid wagesfor each of the Quantity produced by them. The gross earnings of the labor would be equivalent tonumber of goods produced by them. Piece rate wages improves productivity and is an absolute measurement of productivity towage structure. The fairness of compensation is totally based on the productivity and not by otherqualitative factors. The GANTT productivity planning and Taylors plan of wages are examples of piece ratewages and the related consequences.
Sign on Bonuses:- The latest trend in the compensation planning is the lump sum bonus for the incomingemployee. A person, who accepts the offer, is paid a lump sum as a bonus.
Abstract (executive summary)
Even though this practice is not prevalent in most of the industries, Equity research andinvestment banking companies are paying this to attract the scarce talent. Profit sharing payments:- Profit sharing is again a novel concept nowadays. The structuring of wages may be done in such a way that, it attractscompetitiveness and improved productivity. Profit sharing can also be in the form of deferred compensation at the time of retirement.
At the time of retirement the employees may be paid a lump sum or retrial benefits.
Crafting a Compensation & Benefits Plan - Research Paper Example
Compensation Theory and Practice 21 Fringe benefits:- The provision of fringe benefits does not attract any explanation. These include. Reimbursements:- Employees, depending upon their gradations in the organization may get reimbursementsbased on the Expenses incurred and substantiated. Certain expenses are also paid based onexpenses incurred during the course of business. In many cases, employers provide advances to the employees for incurring certainexpenses that are incurred during the course of the business. Some examples are.
This also includes payments during pregnancy of womenemployees. The expenses incurred due to injury or illness are compensated or reimbursed to the employees. In certain companies, the death of an employee is compensated financially. Companies are alsoproviding supporting financial benefits to the family of the bereaved employees.
However,companies covering these cost through appropriate insurance policies like, Medical and lifeinsurance. The whole idea of compensation management can be better understood through thefollowing Pyramid structure. Compensation Theory and Practice 22 Overview of United Commercial Bank Ltd. Sponsored by some dynamic and reputed entrepreneurs and eminent industrialists of thecountry and also participated by the Government.
Being one of the first generation private sectorsBank in Bangladesh, it started its commercial operations from mid United CommercialBank Limited incorporated on 26 June, as a public company with limited liability under theCompanies Act The bank obtained permission to commence business with effect from 27June, Finally started banking operations on 29 June with an authorized capital of Tk. Background of United Commercial Bank Ltd UCBL Sponsored by some dynamic and reputed entrepreneurs and eminent industrialists of the countryand also participated by the Government, UCB started its operation in mid and has sincebeen able to establish one of the largest networks of branches among the first generationbanks in the private sector.
With its firm commitment to the economic development of thecountry, the Bank has already made a distinct mark in the realm of Private Sector Bankingthrough personalized service, innovative practices, dynamic approach and efficient Management. The Bank, aiming to play a leading role in the economic activities of the country, is firmlyengaged in the development of trade, commerce and industry thorough a creative credit policy.
We wonder at them in profound admiration and speculation. At United Commercial Bank we draw our inspiration from the distant stars. Our team iscommitted to assure a standard that makes every banking transaction a pleasurable experience. Our people, products and processes are aligned to meet the demand of our discerning customer. Our goal is to achieve a distinction like the luminaries in the skies. Our prime objective is to deliver aquality that demonstrates a true reflection of our vision - Excellence in Banking. Shahjahan Bhuiyan, a dynamic banker,as its Managing Director and well educated young, energetic and dedicated officers working withmissionary zeal for the growth and progress of the institution.
Shafiqul Alam Mr. Shahidul IslamCompensation Theory and Practice 24 Quamrul HassanDivision Mr.
Chandan Sen Gupta Mr. Mamun-Ur-Rashid Md. Yunus Mr. Badiul Alam Mr. Mahmudul Bashar KhanMr. Mirza Mahmud Rafiqur Rahman Mr. Ekram Ullah Mr. Shahed Jalal Chowdhury Mr.
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Abul Alam Ferdous Mr. AhaduzzamanSenior Executive Vice Mr. Jasim UddinPresident Mr. Habibur RahmanMr. Nurul Alam Mr. Habibur MorsalinMr. Mohammad Shawkat Jamil Mr. Shahadat HossainMr.xn--12ca3dvan0akdl5ci5a9bxexb.com/images/map24.php
Compensation & Benefits Review: SAGE Journals
Tariqul Azam Shohag Mr. Mian Quamrul HasanMr. Zahirul Alam ChowdhuryMr. Barun Kanti Saha Mr. Ehsanul KabirMr. Sohrab Mustafa Mr. Abu Nur Md. Parvez Sajjad Mr. Kazi Muzibul IslamMr.
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Golam AwliaMr. Muhammad H. Abu SalehMd. Abdul Mazed2. These departmentsmaintain personal file of all employees where all records in regards to the employee are kept inaddition to any soft copy in computer database maintained by the departments. All confirmed and permanent employees areentitled to be members of the Provident Fund. The Companys Provident Fund is afunded scheme. All long-established and enduring employees are at liberty to be members of theCompensation Theory and Practice 27 Provident Fund. In the Provident Fund Ledger, both the employees and the Companyscontributions are accredited to the individual employees account.
Outside the Dhaka city, the Bankprovides expenses for the accommodation.
Attracting Top Talent
Telephone bill has to be forwarded to the HR department, and then theyforwarded that bill to IT department, so payments can be made by the company, if it is in thename of the Bank. Compensation Theory and Practice 28 The mobile phone is to be used first and foremost for business purpose, though can beutilized for being in contact with the family members, if necessary with logical discretion due tothe high cost of mobile phone usage.
Medical BenefitsMedical Benefits for the Executive StaffThe bank will compensate the cost of authorized medical treatments in Bangladesh includinghospitalization, surgical and childbirth subject to the conditions mentioned here. The Bankreserves the right to approve the Medical Practitioner consulted. Reimbursement of the cost will be restricted to the treatment of the executive, spouse andchildren. Expenditure on medical treatment of Executives is reimbursed by the company.
Everyemployee is not getting the medical benefits. Car Purchase SchemeBoard of directors is entitled to 24 hours company paid transportation. Leave entitlements of expatriate Contract employees shall be governed by their respective termsof employment with the company specified in the Appointment Letter. The employee is entitled to exercise Casual Leave from the very next dayof joining; though the Casual Leave is pro-rated for the balance period of the year counting fromthe joining date. Compensation Theory and Practice 30 The above entitlements represent the maximum number of days SickLeave that an employee can avail in a year.
Though Earned Leave is counted from the date of joining but it cannot be taken until theemployee passes the probationary period receiving confirmation. The period of Maternity Leave shall be 84 actual days of absence which shall includethe Public Holidays and Weekends non-working days and including the day of delivery. StudyLeave can be given for up to a maximum period of two years. Compensation Theory and Practice 31 This leave can only be availed once in the entire period of service. Similar leave may be granted for employees other than Muslims, if the occasion is a once in a lifetime holy event significant to the believers.
Some examples of such leaverequest may be for marriage, death in the family, etc. The amount paid onencashment includes only the employees last drawn basic salary for the period. Allowances arenot included in this amount. Compensation Theory and Practice 32 UCB does not have proper person toThey provide enough salary to employee. The provide enough compensation to theiremployees from different division have proper employees.