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?
7 days working leave
Extended leave periods
Extended Maternity leave
Why is it needed
Increases satisfaction and lowers turnover
Attract and recruits well
Different forms of compensation
Long Term Incentives
Health and Life insurance
Equity Based programs
When is it done?
Period of time
Specific time period