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Remuneration, Types of remuneration, Compensation’s, Employees Benefits Commission, Performance linked incentives and Incentives , Types of incentives , Financial incentives , Methods of Financial incentives i) Price rate system ii) cent percent system Non-financial incentives
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INCENTIVES AND
REMUNERATIONS
PRESENTATION
TOPIC
DEPARTMENT OF INDUSTRIAL ENGINEERING & MANAGEMENT
MUET JAMSHORO , SINDH
PRESENTATION GROUP
MOHAMMAD YOUNUS (G.L) (08IN70)UMAIR ARSHAD (08IN01)
WAZIR AHMED (08IN64)
HARIS KHAN (08IN60)
MOHAMMAD AKRAM (08IN69)
RemunerationTypes of remunerationCompensation’sEmployees Benefits CommissionPerformance linked incentives
Incentives Types of incentives Financial incentives Methods of Financial incentives i) Price rate system ii) cent percent system Non-financial incentives Questions and Answers
GROUP LEADER
MOHAMMADYOUNUS08IN70
REMUNERATION
Remuneration is a payment or compensation received for service or employment. This includes the base salary and any bonus or other economic benefits that an employee or executives received during employment.
Or Remuneration is traditionally
seen as the total income of an individual and may comprises a range of separate payments determined according to different rules.
1) COMPANSATION It is of two types i. Executives Pay Executive pay is the total
pay or financial compensation an executive offer within the co-corporation salary, and all bonuses, shares, options and any other company benefits.
TYPES OF REMUNERATION (Cnts….)
Deferred Compensation It is an arrangement in
which a portion of an employee’s income is paid out at a date after which that income is actually earned.
Example of deferred compensation includes pensions, retirement plans and stock options.
TYPES OF REMUNERATION (Cnts….)
Some of these benefits are housing ( employer provided or
employer- paid ) group insurance ( health, dental, etc). disability income protection. retirement benefits. tuition reimbursement. sick leave. vacation ( pad and not paid). social security. funding of education etc….
TYPES OF REMUNERATION (Cnts….)
2) EMPLOYEE BENEFITS Employee benefits are various non-wage compensation provided to employees in addition to their wage and salaries
GROUP MEMBER
UMAIRARSHAD 08IN01
3) COMISSION The payment of
commission as remuneration for service rendered or product sold in a common way to reward sales people.
TYPES OF REMUNERATION (Cnts….)
5) PERFORMANCE LINKED INCENTIVES (PLI)
A performance linked incentives is a form of payment from an employer to an employees which is directly related to the performance output of an employee and which may be specified on an employment contact.
TYPES OF REMUNERATION (Cnts….)
INCENTIVES
Incentive is a reward monetary or non-monetary
Incentive given to a worker for his efficiency and hard work.
An incentive motivates and encourages a worker.
Incentive and production are
closely related with each other.
GROUP MEMBER
HARISKHAN 08IN60
TYPE’S OF INCENTIVES
INCENTIVES INCENTIVES INCENTIVES INCENTIVES
NON-FINANCIALNON-FINANCIAL
INCENTIVESINCENTIVES
NON-FINANCIALNON-FINANCIAL
INCENTIVESINCENTIVES
FINANCIAL FINANCIAL
INCENTIVES INCENTIVES
FINANCIAL FINANCIAL
INCENTIVES INCENTIVES
FINANCIAL INCENTIVES
It involves direct monetary payments or benefits to workers.
It is as a tool for better productivity and performance.
workers may receive financial benefits in the form
a) bonuses
b) profit sharing
METHODS OF FINANCIAL INCENTIVES
There are various methods of measuring the financial incentives but here we are concerned with the following;
a ) Piece rate system b ) Cent percent
premium Cent Percent Cent Percent
PremiumPremium
Cent Percent Cent Percent PremiumPremium
Methods of Methods of Financial Financial incentivesincentives
Methods of Methods of Financial Financial incentivesincentives
Piece Rate Piece Rate SystemSystem
Piece Rate Piece Rate SystemSystem
GROUP MEMBER
WAZIR AHMED 08IN64
Under this system, a piece rate for the completion of job is fixed. Now if a worker completes the job earlier, he can save his time. In this time he can make jobs and get extra money for his extra work
Earning of a worker = no. of pieces produced * rate per piece
PIECE RATE SYSTEM
Cent Percent premium
In this system the standard time for completion of the job is fixed
rate of completion during this period is also fixed.
Now the worker who
completes the job earlier they get full payment for the time saved.
GROUP MEMBER
MOHAMMAD AKRAM 08IN69
Non- Financial Incentives
The financial incentives must be supported by the non-financial incentives
Only cash wages cannot help in solving the problems of the workers
Non financial incentives play an important role in maintaining better production and efficiency in an organization.
Non- Financial Incentives (cnts.)
Some of the chief Non-financial incentives are:
i. Security of service. ii. Opportunity for training. iii. Chances of Quick Promotion. iv. Personal Reward. v. Welfare Measures. vi. Sympathetic Attitude of the
Management.
THANK YOU……………. QUESTION ????????