2.1 Terminology
As far as the term payments are concerned, a thing that has been noticed under majority of the circumstances is that the managers responsible for the payments of the employees working under them have a tendency of avoiding the term. On the other hand, as far as the terms remuneration, reward or compensation is concerned, there are quite comfortable with the same. However, the term compensation can by no means used synonymously with the term payment as compensation is mostly carried out on account of a certain loss which a particular company may encounter. The management team of most of the private firms today are looking for an extra bit of effort from the part of the employees so as to provide them with a solid pay grade. On the other hand, the term remuneration is absolutely same as that of payment, i.e. it conveys the same meaning. The only difference lies in the fact that the later has 5 extra characters.
If an individual wants to succeed in the job world of the modern era, that individual must in turn be the ideal mixture of creativity, concepts, ideas and most importantly skill. If an individual possess all of these, then there are high chances that the individual is going to turn out as an exceedingly successful individual as far as the job world of today’s world is concerned.
ACTIVITY 26.1
REWARD STRATEGY
The thing about the reward strategies of most of the companies today is the fact that the company is looking to make the maximum level of profit out of an individual. In the event that a particular individual is able to bring them revenues that they werenβt expecting, then there are high chances that the individual is going to receive a minor percentage. However, get one thing clear, they are not compromising a bit with their profit at the time of providing rewards to their employees. The approach that the companies take up is extremely strategic. Well, no company is going to pay an individual more than what he or she deserves. One thing is for certain that your net worth is without a doubt a lot more than a pay grade.
The various employee objectives to be meet for seeking payment
Irrespective of whether an individual is being paid or he or she is in the team deciding the payment for the employees of a particular company, there are high chances that one needs to figure out the various dos and donts of the field. In addition to this, numerous strategies need to be adopted so as to ensure that the payment each individual receives is ideal and at the same time the payments must also be cleared on a duly basis so as to avoid any sort of issues.
PRIMARY GOAL: The Power to Purchase
The level of earnings that an individual working for a particular firm receives is greatly dependent of the level of revenue that the firm earns on a monthly basis. In the event that the firm is not getting the desired level of income, there are high chances that the salary of the various employees is going to drop as well. As a result, there is going to be a lot of comossion as far as the management of the firm at that point of time is concerned.
SECOND GOAL: Fairness
In case an individual is not considering the idea of losing his or her job, it is recommended for him or her to take every step cautiously. IN addition to this, the individual must also ensure that the various activities that are being carried out by him or her are done keeping his or her loyalty towards the company intact. If an individual cares for the company, he or she might as well expect something in return.
THIRD GOAL: Employee Rights
There are various rights that every employee in this world is entitled to. In the event any of these rights are violated, there is a high probability of the employee taking legal action against the firm. Hence, no matter what the administration of a particular company does, it must take into account the various rights that the employees posses. These cant be violated at any cost.
FOURTH GOAL: Relativeness
The next thing to be considered is how much revenue is a particular group or individual bringing to a particular group. This is something that every individual at the managerial level must consider so as to ensure that the company is able to make the maximum level of profit. If a group or an individual isnβt able to produce the desired level of output, then the team might as well be sacked.
FIFTH GOAL: Recognising
Most individual working for a company would certainly want the company to recopgnize all that they have put in so as to ensure that the company makes profit. Hence, making the company recognize ones deeds is a must in the event that an individual is looking for any sort of raise in his or her pay scale.
Links of Previous Main Topic:-
- Equality the legal framework
- Equal opportunities and diversity
- Grievance and discipline
- Strategic aspects of payment
- Terminology
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