Question

In: Operations Management

Consider the following What are the components of total compensation? Are no compensation rewards more attractive...

Consider the following

What are the components of total compensation?

Are no compensation rewards more attractive than compensation rewards?

How is a compensation structure designed?

What determines pay satisfaction?

What happens when a worker is dissatisfied with their pay?

Expert Solution

1. Components of total compensation:

Basic

HRA

Conveyence

Medical

Leave Travel Allowance

Special Allowance

PF

Meal

Variable Pay

Gratuity

ESOP

2. There are non-monetary benefits such as insurance, medical benefits, vacaption trip , child care which are better than actual remuneration

3. A compensation structure is defined considering the following factors:

a. Job profile

b. Previous salary

c. Basic pay- Many components are accounted as a percentage of base pay, such as medical allowance if 10% of Basic Pay

d. Market value of the new employee.

4. Pay satisfaction is determined by an employees need, his market value, his peers'remuneration, other non-monetary benefits, location and expense.

5. When a worker is dissatisfied with their pay, they continue on their job till the time they get a better one and then leave the job. Till that time, they feel demotivated, irritated and unwilling to do the work.

keosha answered 9 months ago

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