All forms of pay or rewards going to employees and arising from their employment and has 2 main components:
- Direct and financial payments (Salaries, incentives, bonuses.. etc.)
- Indirect payments (benefits)
1.1.1.1 Compensation
Techno Management will work closely with The Customer to reach to the most suitable wage structure that is compliant with the wage curve, pay grades, and rate ranges. This service will enable The Customer to achieve the following:
- To reward employee’s past performance
- To remain competitive in the labor market
- To maintain salary equity among employees
- To mesh employees future performance with organization goals.
- To control the compensation budget
- To attract new employees
- To reduce unnecessary turnover
1.1.1.2 Incentive Rewards
Incentive plans emphasize a shared focus on organizational objectives by broadening the opportunities for incentives to employees throughout the organization. Below are the major output of this service:
- Characteristics of a successful incentive plan:
- Financial incentives that are linked to valued behavior.
- Fair incentive program.
- Challenging, yet achievable productivity and quality standards.
- Simple and understandable payout formulas.
1.1.1.3 Employee Benefits
Techno Management will work with the customer to develop the most appropriate benefit plans. These plans include, but not limited to the following:
- Pension
- Variable pay
- Worker’s compensation
- Health benefits
- Time-off programs.
1.1.1.4 Process
- . Salary Surveys
- Job Evaluation
- Job Classification (grades)
- Salary Structures
- Salary Ranges