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Compensation Structure

Webinar Series in Designing a Compensation Structure - deals about the classification of salary components, compensation structure, governance or compliance and sample salary structure.

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Compensation Structure

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  1. Designing a Simple Compensation Structure Payroll Webinar Series

  2. Compensation Compensation is the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. Compensation also includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and checks, and salescommission.

  3. Objectives The ultimate goal of compensation planning is to reward and encourage employees to do well in their jobs. Some of the objectives are sought to be achieved through effective compensation planning like: • Entice the employees • Retain the best talent • Ensure equity • Reward new ideas and behaviors • Cost control • Compliance

  4. Content • Classification of Salary Components • Compensation Structure • Governance/Compliance • Sample Salary Component Structure

  5. Classification of Salary Components Component Structure

  6. Component Details

  7. Component Details

  8. Fixed Salary

  9. Non – Monetary Benefits

  10. Reimbursement Components

  11. Retirement Benefits

  12. Governance & Compliance • Ensure that the salary components are in compliance with income tax rules and labour laws • Refer to minimum wages act-state rules for any specific segment of workers • Union employees salary structures are governed by Union agreement/settlement • Ensure that the special/other/personal allowance is lesser than the other components in salary structure

  13. Sample Salary Structure

  14. Sample Salary Structure

  15. Sample Salary Structure

  16. Webinar link To get detailed information about Designing a Simple Compensation Structure in video form please click the link below: http://www.adp.in/webinars/designing-a-simple-compensation-structure.aspx

  17. Next webinar series Aligning Pay Structures with Job Evaluation

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