Literature Review Of Compensation In Human Resource Management
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In pace with the prevalence of Human Resources Management, the variety of competition between organizations or companies has been growing up. Considering that the trend is expected to continue, developing and maintaining a compensation and benefits management is highly recognized in the labor market since the competitions of recruiting and retaining talented employees. The successful of compensations and benefits occupies a significant role nowadays’ Human Resource Management and it is one major issue for an organization employing suitable employees.
In general, compensations and benefits are designed to gain attraction and retention of employees (Dulebohn, J. H., et al.2008). According to Sarah, L.F. and Dean, M. (2009), there are different dimensions which can help to define compensations and benefits. These dimensions include: (1) non-monetary compensation, (2) direct compensation and (3) indirect compensation. Sarah, L.F. and Dean, M. (2009) briefly explain those three types in details. Non-Monetary Compensation refers to the benefit that employee earn from their own employer. It is the benefit that an employer can be provided such as retirement plan, time off or staff discount without any payment. For offering direct Compensation, it is the fundamental wage that the employees can be received from; this kind of salary is generally based on the length of time and includes the performance-based. The last dimension is indirect compensation which is
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An example of variable pay is a car salesman being compensated for his base pay also a percentage of the total amount of the car/cars he has sold within a month. Tangible indirect rewards almost the same as tangible direct rewards, but they cannot be physically touched. Indirect rewards can be measured easily and so therefore they can be tied into the amount that an employee
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EXECUTIVE COMPENSATION Executive compensation is a broad term which comprises of financial compensation and non-financial rewards given to an executive from their firm for their services. This package is decided by a company’s Board of Directors (consisting of independent directors). It should be designed in a manner which incentivizes the executives and motivates them to perform in accordance with the company’s goals and its long term growth. These packages generally include a mix of short-term incentives (including salary, annual bonus, benefits, and perquisites) and long-term incentives (including stock options and restricted shares). E.g. Microsoft CEO Satya Nadella received a compensation package of $84.3 million for the software maker’s
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INTRODUCTION Human resource management is the strategic approach to the management of an organization 's most valued assets - the people working there who individually and collectively contribute to the achievement of the goals of the business (Armstrong, M., 2006). In other words, human resource management is a to work with employees, and for the employees, to help them solve their problems. Therefore, human resource is a complicate department, as they deal with people who already work there, they also deal with several issues which happen among new employees, such as recruitment, selection and so on. Nowadays, employee retention becomes one of the most significant issue in the organizations, and managers are aiming to find the best employees
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A performance-oriented philosophy is followed; no one is guaranteed compensation just for adding another year to organisational service. Instead, pay and incentives are based on performance differences among employees. Employees who perform well get larger compensation increases; those who do not perform satisfactorily receive little or no increase in compensation. Thus, employees who perform satisfactorily should keep up or advance in relation to a broad view of the labour market for their jobs, whereas poor or marginal performers should fall
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Jackson 1996, pp.202]. On the other hand, non-financial rewards do not increase the financial pay off to the employee: “Instead of making the employee’s life better off the job [like financial rewards do], non-financial rewards emphasize making life of the job more attractive”. [ct. De Cenzo & Robbins 1994, pp.413]. These types of rewards are motivational and includes things such as better work environment, modern equipment, excursions and parking spaces.
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Researchers have shaped compelling evidence for the fundamental relation between employee performance and how management acts with them (Boheene & Asuinura, 2011). They claim that the effectiveness of human resource practices, particularly employee selection, performance appraisals, benefits and reward management, procedures and employee training and development often have a direct effect on the productivity and performance of the employee. And implementing an effective human resource management can enhance the organization 's ability to attract and maintain qualified and motivated employees yield greater profitability, low employee turnover and these invariably lead to higher productivity.
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