remuneration | HR Management Slides

Remuneration of Individuals: A few Principles to Understand

Every person joins the company or organization with the main intention of earning his butter and bread. In order to earn that, the salary or wages considered as the most important value. Shortly speaking, his work helps him to fulfill the needs of life, from basic to advance need. The salary and wages must, therefore, be in equality with the work done by an employee. At which point, an employee should get satisfied with the wages or salary, so that he can perform better in doing his work. In this article we’d like to talk about remuneration of individuals, which in essence become integral part of wages/salary.

In general, each employee must get fair remuneration so that both the owner and the employee gets the same value of satisfaction. In term of remuneration of individuals, there is a system which in essence should provide the adequate remuneration to the workers. The system should also motivates the workers to do better in their work. Furthermore, remuneration of individuals may ensure security and safety, as well as help in raising standard of living of the workers. Basically, remuneration became a very important term in the world of industry/business. This is an element from which the employer put a value over his employees in a way that is much better.

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Understanding Remuneration Package: Benefit and Reward

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 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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