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Total Reward System (Key elements (Compensation (Factors affecting…

- - - - Pay in the form of wages, bonuses & commission
    - - All financial compensation excluding wages, bonuses & commission
    - - Career development and training,
        opportunities for recognition
    - - Internal
        
        Ability to Pay
        
        Big companies have the ability to earn more
        
        Smaller companies may be below industry standards
        
        Business strategy
        
        Better workers look for better pay
        
        Job Evaluation & Performance Appraisal
        
        Ensure satisfactory differential pays for diff jobs
        
        Employee
        
        Performance
        
        Better performance, higher chances to increase pay/ promotion
        
        Experience
        
        Employees would expect higher pay for its loyalty
        
        Potential
        
        Potential workers expects higher chances to increase pay/ promotion
      - External
        
        Labour Market
        
        Lower demand for workers, lower pay offer
        
        Higher demand for workers, higher pay offer
        
        Going rate
        
        Compensation based on the prevailing rate in the industry
        
        Productivity
        
        Increase productivity will increase the chances of raise pay
        
        Cost of Living
        
        Increase in COL, employees have tighter cash flow
        
        Labour Law
        
        Law passed down by govt. to safeguard workers
  - - - Dental insurance
      - Health insurance
      - Discounts on fitness program