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Total Compensation (Objectives of Total Compensation (Retain and reward…
Total Compensation
Objectives of Total Compensation
Retain and reward existing employees
Motivate employees to improve productivity
To attract potential employees/ top talents
To be compliant - Employment Act
To maximise ROI
How to Keep compensation system competitive
Pick your approach
Look ahead
Define your competitive set
Understand the job
Components of direct financial compensation
Group Based Incentive Plan
Organisation Wide Incentive Plan
Individual Based Incentive Plan
Purpose of indirect financial compensation/benefits
Enhance quality of work-life
Increase recruitment success rate
Improve employee morale
Components of indirect financial compensation
Voluntary / Discretionary
Flexible / Cafeteria Benefits Scheme
Legally required / Mandatory / Compulsory
Components of non-financial benefits
The Job Environment
Work Flexibility
The Job Content
Components of the total compensation package
Non Financial Compensation
Financial Compensation
Indirect Financial Compensation
Direct Financial Compensation
Definition of Total Compensation
Total compensation is the total of all rewards provided to employees in return for their services.
Purpose of direct financial compensation
Improve employee productivity in order to gain a competitive advantage
Purpose of non financial compensation
exert intrinsic values to motivate staff to perform