International Remuneration
Definition
an internal rate of return in terms of monetary or non monetary rewards/package including base salary, benefits, perquisites and long term & short term incentives that valued by employee’s in accordance with their relative contributions to performance towards achieving the desired goal of an organization.
Difference between international remuneration and remuneration
Remuneration and international remuneration are discussing the same thing, which is the act of allowances and payment for work done under a contract of service.
Importance
Motivation
Retention
Compensation Laws
When is it given out?
Monthly or yearly, when an employee’s performance has been outstanding or when they have performed more than what is expected of them.
Factors that affect International Remuneration
Internal
External
Business Strategy
Job Evaluation and Performance Appraisal
Ability to Pay
Employee
Performance
Experience
Potential
Labor Market
Going Rate
Productivity
Cost of Living
Labor Unions
Labor laws
Benefits that should be provided for employee performance in Jess Hotel
Bonus
Variable payment
Annual Wage Supplement(AWS)
How should an incentive programme be for employees to sufficiently motivate them?
It should include incentives that work best for the company and the employee. There is a great deal of flexibility in terms of deciding whether the incentives should be individual, team-based or company-wide.
Who should come up with the remuneration package
HR department
What is a good remuneration package
one that is able to satisfy the needs of the employees, and motivate them to increase their effectiveness and performance at the workplace.
Who should implement the remuneration package?
HR department
When should a remuneration package be implemented
A remuneration package should only be implemented when employees’ performance are outstanding or at a level above what is required of them.