Question
a) Through the sentence below. Give (4) disadvantages and explain each disadvantage. Compensation Legislation - It is the process of planning for providing fair, adequate,
a) Through the sentence below. Give (4) disadvantages and explain each disadvantage.
Compensation Legislation - It is the process of planning for providing fair, adequate, and equitable wages to employees. This helps to take decisions related to how much amount the firm is able to distribute among the employees. Description - Compensation includes the following things- i) Guarantee of payment ii) Variable payments iii) Incentives iv) equity compensation. Compensation metrics- i) Increase the rate of Base salary. ii)- Spend Rate benefits. iii)- Aggregate annual benefit of change in spending. Importance of compensation legislation i)- It helps to keep positive control over the efficiency of the employee. ii) Help to plan an efficient incentive system for the employees. iii) Motivates the employees. iv) helps the employee to have clarity about their salary standards. A compensation budget helps to pay efficiently to employees. Ans b)- Every business wants to perform the best in its industry. The performance is related to the firm's productivity, profitability, and allocation of resources ability. For best performance businesses need proper planning. Incentives are attached to the work that makes the employee feel good or feel bad about their work. The Financial incentives that impact a person to enter the workforce - Intrinsic incentives i)- The rate of wages is the most important factor in attracting labor. ii)- provisions of incentives and overtime rates iii) Good working environment and development policies for labor. Incentives offered in my organization - i)- Attractive and uncommon perks and benefits ii)- transparency in system and policies. iii)- freedom in the performance of work and its completion. iv)- Add fun to the routine jobs v) Food arrangements are very approachable for the employees. Employees play an important role in the growth of the company. Thus keeping the employees motivated is very important for companies. The measure firm can adopt for the incentive for their employees are - i) Incentives are evaluated as per the rules and provisions of the legislation. ii) Proper leaves and medical leaves are also considered while evaluating the incentives. iii) All the benefits that are provided by the regulations of the related country will be provided to the employees. Conclusion - Incentives help the employee to be motivated and develop belonging towards the organization.
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