2.Monetary Compensation B.Indirect Compensation (Benefits) 4)Life-Cycle Benefits Legal advice Elder care Child care Wellness programs Counseling Perks 16 Moving expenses
16 4) Life-Cycle Benefits Legal advice Elder care Child care Wellness programs Counseling Perks Moving expenses Compensation Management 2.Monetary Compensation B. Indirect Compensation (Benefits)
2.Monetary Compensation B.Indirect Compensation (Benefits) Flexible Benefits Plans (The Cafeteria Approach P207) Allow the employee to put together own benefit package under two conditions: Total cost will be limited; Nonoptional items will be included such as social security,worker's compensation, unemployment insurance
17 ❖ Flexible Benefits Plans (The Cafeteria Approach P207) ❖ Allow the employee to put together own benefit package under two conditions: ❖ Total cost will be limited; ❖ Nonoptional items will be included such as social security, worker’s compensation, unemployment insurance. 2.Monetary Compensation B. Indirect Compensation (Benefits)
Importance of compensation Improving efficiency of labor cost Attracting potential job applicants Retaining good employees Motivating employees Attaining business needs and objective 18
18 Importance of compensation ❖ Improving efficiency of labor cost ❖ Attracting potential job applicants ❖ Retaining good employees ❖ Motivating employees ❖ Attaining business needs and objective
Base salary Incentives Compensation Benefits 19
19 Incentives Benefits Base salary Compensation Management Compensation