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Compensation and Benefits- Financial Reward System Essay Example

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Compensation and Benefits- Financial Reward System

Compensation and Benefits- Financial Reward System. The main purpose of job evaluation is to initiate fairness, gender equality and transparency in the pay structure of all the employees in the organization. The output of job evaluation is used in various fields of an organization such as for making remuneration system, human resource management, and for decision making in the payments of different job profiles (Derek Stockley, 2012).The flow chart in figure 1 represents a theoretical perspective regarding job evaluation. Initially, documentation of position should be performed to view the complete picture of each position in the organization. Determination of remuneration range considering the market competitiveness is another important step in job evaluation process.

The performance appraisal system should be well- designed to avoid inequality among the employees. Then a review should be conducted to check the above steps and identify if the goals are achieved within time limits followed by the final determination of the reward system (Derek Stockley, 2012). The job evaluation should be done fairly and there should be no discrimination on the ground of sex or other attributes. There should be equal pay for both male and female. Equal pay for the work of equal value also should be considered in order to maintain sustainability in the organization (Beamans Ltd, n.Wage survey is a method of collecting information about workers’ remuneration for analysis of existing compensation system which is used to determine the remuneration of employees. Wages are basically paid on daily basis to the workers in any manufacturing or production unit. According to the ‘Fair Labor Standards Act’ of 1939, wages are paid on the basis of hours worked. This act created the base of minimum wage, gender equality for wage payment, overtime pay, and record keeping requirements as well as child labor issues. The social security act was initiated to protect the employees from losses due to retirement, disability or related causes, and other accidental issues. . Compensation and Benefits- Financial Reward System.

References

Beamans Ltd. (No Date). Modern Job Evaluation -A Beamans Perspective. Retrieved from http://www.beamans.co.uk/file_library/A-Beamans-Perspective.pdf

Cushway, B. (2011). The employers handbook 2011-12: an essential guide to employment law, personnel policies and procedures. Great Britian: Kogan Page Publishers.

Derek Stockley. ( 2012). Achieving fair financial and non-financial rewards. Retrieved from http://derekstockley.com.au/a-financial-rewards.html

Derek Stockley. ( 2012). Motivation and financial and non-financial rewards. Retrieved from http://derekstockley.com.au/newsletters-05/025-motivation-reward.html

O’Byrne, S. F. (1995) Total compensation strategy. Journal of Applied Corporate Finance 8(2), pp. 77- 86.

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preview essay on Compensation and Benefits- Financial Reward System
  • Pages: 7 (1750 words)
  • Document Type: Term Paper
  • Subject: Business
  • Level: College
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