Total Compensation System

jacqueliinek
Mind Map by jacqueliinek, updated more than 1 year ago
jacqueliinek
Created by jacqueliinek about 6 years ago
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Description

A mindmap on the total compensation system :)

Resource summary

Total Compensation System
  1. Definition
    1. Financial and Non-financial
      1. tangible services and benefits
        1. receive as part of an employment relationship
          1. employees receive in exchange for their contribution to the organisation
          2. Purposes and Objectives
            1. Acquired qualified personnel
              1. Retain current employees
                1. Ensure equity
                  1. Reward desired behaviors
                    1. Control costs
                      1. Comply with legal requirements
                        1. Facilitate understanding
                        2. DIRECT FINANCIAL
                          1. Base Pay
                            1. Recurring
                              1. Types
                                1. Wage
                                  1. Salary
                                  2. Structure
                                    1. Monthly Basic Salary (80%)
                                      1. MFC
                                        1. MVC
                                        2. Bonus (20%)
                                          1. AWS
                                            1. VB
                                        3. Performance-Based Pay
                                          1. incentives, commissions, and bonuses
                                            1. Types
                                              1. INDIVIDUAL
                                                1. Reward employees whose work is performed independently for meeting work-related performance standards
                                                2. TEAM-BASED
                                                  1. Compensates employees for the goals they meet as a collective group, rather than as individuals.
                                                  2. COMPANYWIDE
                                                    1. Reward employees on the basis of the success of the organisation over a specified time period
                                              2. INDIRECT FINANCIAL
                                                1. Legally required
                                                  1. Mandated by rule of law of a particular country
                                                  2. Voluntary
                                                    1. Not legally required
                                                    2. Flexible Benefits
                                                    3. NON- FINANCIAL
                                                      1. satisfaction that a person receives from the job itself or from the psychological and/or physical environment in which the employee works.
                                                        1. Job Content
                                                          1. Job Environment
                                                            1. Work Flexibility
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