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REWARDS & BENEFITS (OTHER: VOLUNTARY BENEFITS (Sabbaticals, Healthcare…
REWARDS & BENEFITS
Compensation Comprises....
FINANCIAL
:!:
Direct
Financial Compensation
Monetary value
Pay that a person receives in the form of wages, salaries, commissions, bonuses & incentives
:+1: Drives performance, Attract & Retain talented employees
:!!:
Indirect
Financial Compensation
Wide variety of rewards normally received indirectly by the employee
:warning: Legally Required
CPF Act
Work Injury Compensation Act
Employment Act
+Set basic rights & duties of employees & employers
+Spells out the minimum annual leave entitlement, the overtime rate of pay
Workplace safety & health act
:<3:Voluntary
Payment for time
Healthcare
Life Insurance
Premium pay
:+1: Improve employee morale, Enhance the quality of work life, Improve overall productivity
NON-FINANCIAL
Consists of the satisfaction that a person receives from the job itself/ from the psychological &/or physical job environment in which the employee works
E.g. Sound policies, good supervsion
:check:The Job (Skill content)
:check: Work Flexibility
:check: Job Environment :
Reward employees BASED ON...
Seniority
(Length of Service)
Performance
DIRECT Financial Compensation
:pencil2:CATEGORIES
TEAM BASED (GROUP)
Group commission scheme
ORGANISATIONAL
Profit-sharing
Gainsharing
INDIVIDUAL
Piecework plan
Sales Commission
Merit Pay
OTHER: VOLUNTARY BENEFITS
Sabbaticals
Healthcare
Paid sick Leave
Life Insurance
Paid Vacation
Employee services
Premium pay
Flexible (Cafeteria Benefits Scheme)