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PCM: Total Compensation System (1) (What does it cover? (Legally Required,…
PCM: Total Compensation System (1)
What is compensation?
systematic approach to providing monetary value
In exchange for job performed
sum total of all rewards provided to employees for their service
Direct and Indirect Compensation
What does it cover?
Pays
Benefits
Insurances
Legally Required
Pay
Salaries
7 days working leave
Voluntary Benefits
Extended leave periods
Extended Maternity leave
Why is it needed
Increases satisfaction and lowers turnover
Lower absenteeism
Attract and recruits well
Different forms of compensation
Direct
Bonuses
Long Term Incentives
Commission
Health and Life insurance
Hourly
Retirement Plan
Salary
Miscellaneous Compensation
Indirect
Benefits
Equity Based programs
When is it done?
Ongoing Process
Period of time
Specific time period