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PAGE PWU-CDCEC CALAMBA ALVA CENTER ROSAL ST. BRGY. UNO, CROSSING CALAMBA CITY, LAGUNA

Contact No.: 0922-821-6938/0939-904-3185/0917-527-5465 Tel. No: (049) 508-1963/ (02)420-8209

Human Resource Managment

Capellan, Jay-ann C.

Student

Ms.Jobell, Hinggan

profesor

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Contact No.: 0922-821-6938/0939-904-3185/0917-527-5465 Tel. No: (049) 508-1963/ (02)420-8209

WHAT IS COMPENSATION?

Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. It is the methods and practices of maintaining balance between interests of operating the company within the fiscal budget and attracting, developing, retaining, and rewarding high quality staff through wages and salaries which are competitive with the prevailing rates for similar employment in the labour markets Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness.

internal consistency

Is typically a measure based on the correlations between different items on the same test (or the same subscale on a larger test). It measures whether several items that propose to measure the

same general construct produce similar scores. For example, if a respondent expressed agreement with the statements "I like to ride bicycles" and "I've enjoyed riding bicycles in the past", and

disagreement with the statement "I hate bicycles", this would be indicative

of good internal consistency of the test..

External competitiveness:

Theoretical and practical facets of strategic pay level decision making Strategic pay level decisions are among the most important of organizational decisions. Indeed, even a cursory

review of any business publication will likely uncover some organization's attempt to improve performance by changing its pay levels. Interestingly, although changes in pay levels make sense only to the extent they positively contribute to organizational performance, their implications are seldom easily determined. Moreover, as pay level decisions have implications in terms of both their cost and profit implications, these are decisions with profound implications that are only foolishly taken lightly. Thus, since pay level decisions have such important implications, this

chapter will explore fundamental compensation decision-making questions regarding pay level determination including why firms may choose to pursue particular pay level options, how firms

arrive at these options, and what facets of compensation firms consider when enacting and evaluating these decisions.

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https://en.wikipedia.org/wiki/Correlation


Contact No.: 0922-821-6938/0939-904-3185/0917-527-5465 Tel. No: (049) 508-1963/ (02)420-8209

Employee Contributions

One of the benefits that employees have over other types of workers, such as contractors and self-employed workers, is the chance to earn employee benefits. Each employer is free to choose which employee benefits to offer. Benefits depend on employers to act as sponsors, but they may

rely on monetary contributions from employees, employers or both.

Statutory Benefits

Statutory is defined as something “fixed, authorized, or established by statute”, therefore the benefit packages that Canadian employers offer, are designed to enhance the well-being of their employee base, and will contain both statutory and discretionary benefits. Statutory benefits are some of the benefits also referred to as “employer paid” benefits.

Pay Policy

The purpose of the Pay Policy is to clarify the County Council's strategic stance on pay in order to provide direction for members and officers making detailed decisions on pay and to provide the citizens of Worcestershire with a clear statement of the principles underpinning decisions on the use of public funds.

Under section 112 of the Local Government Act 1972, the Council has the power to appoint officers on such reasonable terms and conditions, including remuneration, as the authority thinks fit. This Pay Policy Statement (the ‘statement’) sets out the Councils approach to pay policy in accordance with the requirements of Section 38 of the Localism Act 2011. The purpose of the statement is to provide transparency with regard to the Council’s approach to setting the pay of its employees (excluding those working in local authority schools) by identifying;

The methods by which salaries of all employees are determined; The detail and level of remuneration of its most senior staff i.e. ‘chief officers’, as defined

by the relevant legislation; The Panel responsible for ensuring the provisions set out in this statement are applied

consistently throughout the Council and for recommending any amendments to the statement to the full Council.

Once approved by the full Council, the statement will come into immediate effect and will be published by no later than 1 April each year, subject to review on a minimum of an annual basis in accordance with the relevant legislation prevailing at that time.

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http://www.worcestershire.gov.uk/downloads/file/277/pay_policy_statement


Contact No.: 0922-821-6938/0939-904-3185/0917-527-5465 Tel. No: (049) 508-1963/ (02)420-8209

The factors firm must consider when setting its pay policy?

In small business management and marketing, few decisions have as large an impact on success as setting product prices. The prices a business sets influences how many customers actually

purchase products, the types of customers a business attracts and sales revenue. Business owners and marketing managers should consider several key factors when setting product prices to work

toward their business goals.

CostsBusinesses have to sell more than they spend to make profit and stay in business. If a product costs $10 to produce, setting a price of $5 is not financially viable, since the company takes a loss on each unit sold. Companies should consider the cost of producing a product as well as other operating expenses when considering product prices. The price of products should exceed production costs and leave enough money left over to pay for operating expenses like rent, insurance and taxes for a business to make money.

Competing ProductsIn most markets, consumers have the choice of buying several similar products. The prices that competitors set for their products are an important consideration for small businesses that are introducing new products. If a company sets prices too far above competitors, consumers may shop elsewhere. Setting prices too low can also be dangerous as it could start a bidding war where competitors slash prices in an attempt to retain market share, resulting in lower profit margins for all companies in the industry.

Consumer DemandSmall businesses often focus on innovate products that meet the needs of specific niche markets within larger markets. Marketing research, such as surveys given to potential customers, can help business managers gauge the level of demand for new products and the amount that the average consumer is willing to pay for a new product. Consumers may be willing to pay a premium for new products with special features that fulfill needs that are not met by other products.

Product PositioningThe prices a company sets influences the way consumers view the company and the quality of its

products. When a company sets low prices, it is signal to consumers that the company is a discount retailer that sells cheap products. Inexpensive products are often associated with low

quality, regardless of the actual quality of the products. Companies that set high prices position themselves as upscale or luxury brands. Managers should consider the image they wish to

promote for their company and products when setting prices.

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