Activities of HRM

(adsbygoogle = window.adsbygoogle || []).push({}); Major HR Management Activities 1. Strategic HR Planning and Analysis a) HR Planning b) Job Analysis : Information is the basic material used by an industry for many kinds of job related ...

Incentive systems

(adsbygoogle = window.adsbygoogle || []).push({}); Incentive systems exist for almost every type of job from manual labor to professional, managerial, and executive work. The more common incentives are discussed in the following pages. 1. ...

Profit sharing and stock option plans (PSSOP)

Profit sharing is scheme whereby employers undertake to pay a particular portion of net profit to their employees on compliance with certain service conditions and qualifications. The purpose of introducing profit sharing schemes has been mainly to ...

Pay for knowledge / Pay for skills Compensation

Pay for knowledge and pay for skill compensation systems reward employees with higher pay as an incentive for the increased knowledge or skills they acquire. Most organizations have traditionally designed their compensation systems around specific ...

Incentive

An organization’s success requires an effective strategy that is attained by achieving the underlying goals and objectives. Managers and HR departments can use incentives as tools to motivate employees to attain organizational goals and objectives ...

The purpose of Incentives as Nontraditional Compensation

Employees who work under a financial incentive system find that their performance determines their pay in whole or in part. As a result, incentives reinforce performance on a regular basis. Unlike raises and promotions, the reinforcement is generally ...

Eligibility and Coverage for Incentive

Who is eligible of incentives, and other forms of nontraditional compensation? The extent of coverage is crucial because it affects teamwork, motivation and perceptions of equity. Eligibility may differ for different programs even within the same ...

Objectives of Fringe Benefits

The important objectives of fringe benefits are: a. To motivate the employees by identifying and satisfying their unsatisfied needs. b. To create and improve sound industrial relations. c. To protect the health of the employees and to provide safety ...

Fringe Benefits

The term fringe benefits refers to the extra benefits provided to employees in addition to the normal compensation paid in the form of wage or salary. Many years ago, benefits and services were labeled “fringe” benefits because they were relatively ...

Co-partnership

In this system, the worker gets his usual wages, a share in the profits of the company and a shear in the management of the company as well. Thus, employees share the capital as well as profits. When co-partnership operates with profit sharing the ...
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