HRM - Group 1_065057.pptx human resource management course

Human Resource Management zanzibar version

1. PAYMENT SYSTEMS, WORKING HOURS AND BENEFITS & REWARDS HUMAN RESOURCES MANAGEMENT BATCH 19 BU UMST

2. CONTENT 01 02 03 04 05 06 PAYMENT SYSTEM WAGES WORKING HOURS LEGI SLATION BENIFITS REWARDS

3. Payment system A system used to settle financial transactions through the transferred monetary value. It consists of rules, procedures, and instruments. The central bank is responsible for developing a national payment system. Modern payment systems use cash substitutes.

4. Payment system TYPES INCLUDE: Bank transfers D ebit card Digital wallets Cash Cheque .

5. Higher fees reduce profit while lower fees increase income. 01 FEES 02 03 04 i.e. card payments reduce the amount of cash on hand; reduced risk of theft. SECURITY Generally better customer experience and loyalty resulting from the catering to the preferred payment system. BETTER CUSTOMER CARE It provides a certain amount of control to users. RELIABILITY HOW DOES IT AFFECT A BUSINESS?

6. WAGE Is a payment made by employers to employees for work done in a specific period of time. It is included in the cost of running a business. It’s the monetary measure corresponding to the standard units of working time.

7. FORMS OF WAGES Nominal wage: expressed in current currency (e.g. dollar) Real wage: Value of wage after inflation adjustments Equilibrium wage: where market demand and supply intersect

8. WAGE RATES MINIMUM WAGE: the minimum pay guaranteed by law. PREVAILING: average pay for particular position. LIVING WAGE: wage w worker in a particular area needs to earn to live a certain quality.

9. WAGE THEORY Attempts to explain the determinants of the payment of labour . The four most known include:

10. If wages rise above subsistence number of workers would increase and if they decline, the number of workers would decrease and push the wages up. 01 SUBSISTENCE THEORY 02 03 04 Wages increase only in relation to capital increase or decrease in labour force. WAGE-FUND THEORY There is no economic force. Wage is merely relying on employee negotiation efforts. BARGAINING THEORY Wages depend on the value of th e marginal production of previously hired worker. MARGINAL PRODUCTIVITY

11. WORKING HOURS SYSTEMS A set of rules and regulations that govern how many hours an employee works and when.

12. WORKING HOURS SYSTEM KINDS Basic: 8 hours a day Intermittent working time Task based Short-working week system Weekend working time

13. WORKING HOURS MODEL Is an agreement between the employer and the employee that defines their typical working hours. Types of this model include: Full-time Part-time Flexible time On-call work Over-time Standard working hours (permitted by law)

14. LEGISLATION FOR WORKING HOURS AND WAGES HR professionals are responsible for strategically managing employees in an organization while remaining compliant with the laws that govern their rights and obligations.

15. STATISTICS The Fair Labor Status Act (FLSA) established the 40hr per week as the average legalizing a maximum up to 45hours in a single week in the United States. 40hr

16. COMMON ISSUES DEALT WITH The closing of businesses that cannot afford minimum wage How often does the minimum wage have to change The reduction of wages Decisions may vary throughout locations but the aim remains the same. To maintain employee rights while achieving organizational goals.

17. 01 No more than 8hrs a day 02 03 04 No more than 48 hours a week No more than 10hrs a day on spread-over periods . No more than 5 consecutive hours without a break US EMPLOYMENT ACT STATED THE STANDARD FOR WORKING HOURS

18. BENEFITS PROVIDED TO EMPLOYEES Indirect form of compensation that organizations provide to their workers through programs, policies or services that lead to their satisfaction. - It can be monetary or non-monetary.

19. Organization’s success IMPORTANCE OF EMPLOYEE BENEFITS Offering the bare minimum is not enough in organizations as they need to attract top talents Enhanced retention Employees once they feel secure enough and satisfied in their job they tend to be more motivated and loyal to their employer/ organization as they feel their efforts are compensated.

20. Examples Health and wellness Medical coverage Life insurance Dental insurance Mental health support

21. Examples Retirement benefits Employer sponsored retirement plans or pension plans may provide a sense of security for employees to their long term vision.

22. Examples Paid time off Paid vacation Paid s ick leave Family leave Extended absence allowance

23. Examples Flexible work arrangements Remote work Flexible hours

24. REWARD SYSTEM All the monetary and non-monetary and psychological payments that an organization provides for its employees in exchange for the work they preform. They provide encouragement and recognition that leads to an increased work-place engagement.

25. Types Monetary: - Performance bonuses Profit sharing Commissions Salary raise Non-monetary: Recognition programs Career advancement Professional development Extra vacation days

26. Done by: Leena Omran BU-2021-052 Mona Awad BU-2021-069 Montaha Mostafa BU-2021-183 THANK YOU! BU UMST

27. FEES IT’S EFFECT ON A BUSINESS Different payment systems have different fees. high fees may lower the profitability while lower fees may cause the opposite. SECURITY Some payment methods reduce high risk of theft such as card payments as they reduce the cash held on hand significantly. TRANSACTIONS It may help in eliminating high costs of unnecessary intermediaries assessing a transaction.

28. FEES IT’S EFFECT ON A BUSINESS Different payment systems have different fees. high fees may lower the profitability while lower fees may cause the opposite. SECURITY Some payment methods reduce high risk of theft such as card payments as they reduce the cash held on hand significantly. TRANSACTIONS It may help in eliminating high costs of unnecessary intermediaries assessing a transaction.

29. NEXT PROJECT PROJECT 1 Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. PROJECT 2 Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. PROJECT 3 Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio.

30. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. TESTIMONIALS Rufus Stewart Morgan Maxwell

31. STRATEGIES Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis vulputate nulla at ante rhoncus, vel efficitur felis condimentum. Proin odio odio. STRATEGY N°1 STRATEGY N°2 STRATEGY N°3

32. OUR TEAM Everest Cantu Ceo Of Ingoude Company Drew Holloway Ceo Of Ingoude Company Remy Marsh Ceo Of Ingoude Company