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Compensation Management at RPG Paging Services Ltd, New Delhi

Rs. 1,000.00

Employee compensation and benefits package can be the deciding factor for many potential employees. And it's not just the money. To make the company competitive and attractive to job candidates, they have to offer an exceptional total benefits package. That makes it a very important part of the business planning and management process if we hope to hire (and keep!) top candidates in this very tight job market. So how do we make our benefits package attractive and competitive without financially jeopardizing the success of the firm business? How do we get the best deals on insurance? What perks can we offer that won't cost the firm additional money, but will mean a lot to our employees? Are stock options the way to go? How do we set salaries? What benefit costs are tax deductible? There are probably 100 more questions popping into our head as we start thinking about how to set up and manage these policies.

A standard base pay program offers fixed salary ranges for each position type for employees performing the standard duties of their jobs. Set up minimum and maximum levels within those pay ranges to account for variations in experience and skill levels. When setting the base pay structure determine where the firm company falls within the firm own industry, as well as competing industries that may also offer job opportunities for the firm employees. Set up the firm pay levels to be competitive or risk losing employees. The firm can use the Internet to find industry-standard salary levels for specific jobs in specific geographical areas.

Once the firm base pay structure is in place, most companies then set up a merit pay program that will take the employee through the salary range for their position at a performance-driven speed. This comes into play when the employee's managers do annual employee performance reviews. The downside of this is that employees begin to see it as a 'given' that they will get a salary increase after each evaluation instead of a motivation to perform better in their jobs. For this reason, more companies are moving toward more of a reward-based compensation style also called Incentive Compensation.

Number of Pages of Project Report: 64
Package Includes: Project Report
Project Format: Document (.doc)

Table of Contents of Project Report:
1. Introduction
Setting up Compensation Structure
Organizations in a Global Prospective
Benefit and Compensation Trends Indian Perspective

2. Company Profile
3. Salary Calculations
4. Compensable Factors in RPG
5. Results
6. Suggestions
7. Bibliography

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