incentives and remuneration
Download as PPT, PDF10 likes13,538 views
The document discusses various types of remuneration and incentives in the context of employee compensation within the Department of Industrial Engineering & Management. It outlines financial and non-financial incentives, including performance-linked incentives and commission-based payments. The presentation emphasizes the importance of both monetary and non-monetary rewards in motivating employees and enhancing productivity.
incentives and remuneration
- 1. INCENTIVES AND REMUNERATIONS PRESENTATION TOPIC DEPARTMENT OF INDUSTRIAL ENGINEERING & MANAGEMENT MUET JAMSHORO , SINDH
- 2. PRESENTATION GROUP MOHAMMAD YOUNUS (G.L) (08IN70) UMAIR ARSHAD (08IN01) WAZIR AHMED (08IN64) HARIS KHAN (08IN60) MOHAMMAD AKRAM (08IN69)
- 3. Remuneration Types of remuneration Compensation’s Employees Benefits Commission Performance linked incentives
- 4. Incentives Types of incentives Financial incentives Methods of Financial incentives i) Price rate system ii) cent percent system Non-financial incentives Questions and Answers
- 5. GROUP LEADER MOHAMMAD YOUNUS 08IN70
- 6. 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.
- 7. 1) COMPANSATION It is of two types 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….)
- 8. 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….)
- 9. 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
- 10. GROUP MEMBER UMAIR ARSHAD 08IN01
- 11. 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….)
- 12. 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….)
- 13. 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.
- 14. GROUP MEMBER HARIS KHAN 08IN60
- 15. TYPE’S OF INCENTIVES INCENTIVES NON-FINANCIAL INCENTIVES FINANCIAL INCENTIVES
- 16. 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
- 17. 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 Premium Methods of Financial incentives Piece Rate System
- 18. GROUP MEMBER WAZIR AHMED 08IN64
- 19. 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
- 20. 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.
- 21. GROUP MEMBER MOHAMMAD AKRAM 08IN69
- 22. 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.
- 23. Non- Financial Incentives (cnts.) Some of the chief Non-financial incentives are: Security of service. Opportunity for training. Chances of Quick Promotion. Personal Reward. Welfare Measures. Sympathetic Attitude of the Management.
- 24. THANK YOU……………. QUESTION ????????