Compensation4

Compensation4 - BUS 381 presentation Compensation...

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Compensation Compensation BUS 381 presentation By: Ian Ho Lina Wu Justine Ma Zee Pang Rufina Tam
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What we’ll cover… 1 Types of Compensation 2 Case Study 4 Two Article Analysis 3 What is Compensation? 1
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What is Compensation? A systematic approach to providing monetary value to employees in exchange for work performed. May achieve several purposes: assisting in recruitment, job performance, and job satisfaction. 2
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How is Compensation Used? Compensation may be used to: recruit and retain qualified employees increase or maintain morale/satisfaction reward and encourage peak performance achieve internal and external equity reduce turnover and encourage company loyalty 3
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Types of Compensation Different types of compensation include: Salary Commissions Incentives Bonuses 4
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Salary 5 A standard base pay: Fixed salary ranges for each position Minimum and maximum levels within those pay ranges to account for variations in experience and skill levels Same pay range for anyone performing that job
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Commissions Common incentive for salespeople, in addition to their salary Based on a percentage of the sales price of the product Used to direct activities of non-supervised sales personnel Highly motivating 7
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Commissions Drawbacks employees focus entirely on the sale of items that give them the highest return for their time take no consideration the actual needs of the client 7
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Incentives Variable pay: any plan that ties pay to productivity or profitability
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Compensation4 - BUS 381 presentation Compensation...

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