Understanding Remuneration Package: Benefit and Reward

Remuneration

When talking about remuneration package, generally your wages or salary is the main part of such package although it may contain other rewards such as milk or meals, electricity or gas allowances, telephone, or a car. Depending on specific policy applied, most companies usually provide a good package of remuneration so that workers’ right can be met properly. However, it would be likely easy to us if we understand one thing: the package should suit the business situation. In other words, the number of package should reflect the duties and responsibilities of the skills and the position of the employee.

A remuneration package, therefore, should come with attractive offer and should be considered on current rates the market offered for the same positions. Basically there are few terms connected with remuneration, namely pay, bonuses and incentives, as well as gratuities. We shall explain each of them and will be started with ‘pay’.

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Remuneration – the Complex and Interesting Area in HR Management

Remuneration

Remuneration could be simply described as how much an employee will be compensated in return of their work. Yet, in HR management, this word is not a simple word because it will involve many parties and could play a big part in the achievement of company objective. Successfully running the function, HRM will help the company to develop fast.

Remuneration is usually comes in the package of salary and benefits packages. The benefits are varying from insurance to incentives to issuing company shares for the employee. The goal of devising a good remuneration is to maintain motivation and loyalty of the employees to increase productivity. On the other hand, company financial should be kept in a good balance. This is why remuneration is complex. Employees must want the remuneration to be huge while company should make it low to maintain a good balance in their finance. Giving too little may lead to reduce of productivity while giving too much will make the company suffered.

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The Key Principles of Human Resource Management

Cost-effectiveness. Firms must ensure that they compensate their workers accordingly. The workers reward system must be able to sustain the firm or the organization.

Coherence. All the methods taken by an organization or a company in the management of human resources should be in consonance with the firm’s vision and mission. In like manner, human resources managers must direct their concentration on what the firm needs and the abilities of employees.

Comprehensiveness. This covers the efficient management of all aspects of the individuals you’re working with considering that human resources is actually the most essential resource your firm possesses. In other words, the health, financial, transportation and tools or anything that workers require to work must be properly taken care of. Continue reading

Key Functions of HR Management

Recruitment and Selection. This refers to the processes and procedures in order to guarantee the recruitment and deployment of the appropriate combination of people who can ensure efficient contribution to the firm or organization.

Training and Development. This is considered as a combined role which is usually referred to as HRD or Human Resources Development. This intends to aid develop human resources so to remain competitive in the business or marketplace.

Training concentrates in executing various activities so to help develop workers for their present jobs. On the other hand, development pertains to preparing workers for future responsibilities and roles.

Performance Management. This is all about the culture that bolsters the continuous development of the processes in the business as well as those of an individual’s behavior, skills and contributions. Continue reading

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