Supplementary compensation - compensation management - Manu Melwin Joy

Now days the organizations use supplementary compensation over and above the base compensation. It helps in satisfying the employees as well as retaining them for long time.

1. Supplementary compensation Compensation Management

2. Prepared By Kindly restrict the use of slides for personal purpose. Please seek permission to reproduce the same in public forms and presentations. Manu Melwin Joy Assistant Professor Ilahia School of Management Studies Kerala, India. Phone – 9744551114 Mail – [email protected]

3. Compensation in organization Compensation is a wide range of financial and non financial rewards to employees for their services rendered to the organization.

4. Compensation in organization It is paid in form of wages, salary, other benefits such as vacations, maternity leave, medical facilities etc. compensation helps in motivating the employees and reduce labor turnover.

5. Types of compensation Base compensation Supplementary compensation.

6. Supplementary compensation Now days the organizations use supplementary compensation over and above the base compensation. It helps in satisfying the employees as well as retaining them for long time.

7. Supplementary compensation It can be given in form of various services like housing, medical, educational facility. Supplementary compensation is also called fringe benefit as well as hidden payroll.

8. Supplementary compensation The basic purpose of fringe benefit is to maintain efficient human resources in the organization and to motivate the employees.

9. Supplementary compensation Supplementary compensation is again divided into following types: Protection against hazards. Employee services. Payment for time not worked. Legal payments.

10. Supplementary compensation Protection against hazards: supplementary compensation helps in protecting against the hazards of illness, injury, old age, death, permanent disability.

11. Supplementary compensation Employee services: some big organizations provide housing, low-cost loan, food, medical, and day care centre for children, educational facilities to their employees for their services.

12. Supplementary compensation Payment for time not worked: the employees are also paid for the time they are not working like wash up time, lunch period, vacations, holidays, sick leave etc.

13. Supplementary compensation Legal payments: payment under this category involves unemployment; layoff compensation, old age benefits etc.