Manage Remuneration and Employee Benefits

Questions: 1 Develop organisations remuneration strategy. 2 Implement remuneration strategy. 3 Review and update remuneration strategy. Answers: Introduction Organizations, whether large scale or small scale conceive lots of employees, from the superior managers to the ground workers. All of them work to get remunerated at the end of the month. Thus it is quite obvious that the remuneration system is one of the prime aspects of an organization. Remuneration is something for which every members of that company work hard and try to give their best. All they want is to get satisfactory remuneration. Today money is the most important thing to live a peaceful and stress less life. This is the basic reason for which the workers of the organization are working and the organization as a whole is getting the benefits at the end of the day. Thus it a subject to which the organization as well as its managers should pay special attention and should be more concerned about the whole process of remunerating employees. There are many companies that had to face great downfall because of the lack of proper remuneration strategy. On the other hand there ar e also some companies that have succeeded so much in their fields because of a strong and appropriate remuneration system or strategy. For example the Sai Education institute is one of those organizations which have managed to maintain a quite impressive remuneration system. All the various aspects regarding the remuneration strategies of Sai Education institute are discussed in the following research. Remuneration strategy Every organization whether it is large scale or small scale maintain a specific remuneration strategy. Same goes for the Sai Education institute. Sai Education institute is an organization which is running since 2000, and till today has gained much name profit. So it is quite obvious that they are following the basic guidelines of business development which also includes the remuneration strategy Michael Armstrong and Helen Murlis, Handbook Of Reward Management (Crest Publishing House 2005).. Whatever organization it is and how many employees are there, they must be satisfied accordingly and also the management of the organization should concentrate towards their basic needs and requirements. The prime need of an employee is the amount and remuneration, also the time of getting remuneration. Every employee wait for an exact day of the month to get their remuneration that means it is directly connected to their psychological satisfaction. So it falls in the responsibility of an organi zation to provide proper remuneration to the employees or workers of the organization. There are various aspects of the remuneration strategy such as, determining the exact remuneration for the employees, job sizing, providing incentives and bonuses to the employees and many others strategies. These strategies not only include the process of providing salary to the employees but also it helps the organization to get more dedicated and skillful employee. These aspects are discussed below Graham Beaver, 'Strategy, Performance And Governance: The Sensitivity Of Remuneration' (2000) 9 Strat. Change. Determining the remuneration There are some guidelines that must be followed while determining the salary structure of an employee. The organization must provide remuneration that is at least higher than the current wage rate. Though the minimum wage is not enough for an employee and it would not be able to attract new employee with that kind of salary structure. Other than these the organization must look after some other points before determining the remuneration of an employee such as, the knowledge and educational qualification of the employee, the jobs value and importance to the whole business, the physical demands of the task, the amount of experiences needed for the job and many others. Here in Sai Education institute, there is also some guideline. Being an educational institute the basic criteria is the educational qualification and the communication skill of the employees Faiz Bilquees, Civil Servants' Salary Structure (Pakistan Institute of Development Economics 2006).. The remuneration is determined on the basis of these mentioned criteria. Job sizing This strategy includes the study of the job and the difference of the job from other farms or companies. The management of the organization shares the details of the job and the value of the job to the whole organization. This is very important process of attracting the fresher employees. Suppose if an employee realizes that they are getting enough remuneration against less amount of work they would surely be attracted towards the job. But there is also a negative side. Sometimes, sharing such confidential details of an organization might harm the company or might result into the downfall. That is why now most of the companies have denied using this strategy Mark Bussin, Remuneration Policy And Strategy (Knowledge Resources 2002).. Sai Education institute have also refused to adopt this process but the management has done the same thing in a different way by giving some specific details about the organization to the fresher employees. Providing incentives and bonuses Incentives are generally a sector of employment agreement. Or in other words the intensive is an extra amount of remuneration given to employees on the basis of their working capability. On the other hand the bonus is a onetime payment given to the employees of an organization when there is any certain occasion. These process of providing intensives and bonuses are very useful for both the company as well as for the employees Jason Williamson, Getting A Big Data Job For Dummies (Wiley 2014).. Everyone likes to get something extra and when the company is providing that to the employees, obviously it will attract them. The main motif of the organization is to attract as much employee as possible to work in their company. Following this process of providing intensives and bonuses can turn very helpful for any organization to attract more employees. These mentioned ways are the main and basic strategies of remuneration that a company and especially here, Sai Education institute uses to g et more benefit Fedor N. Davydovskiy, 'Wage System And Financial Problems Of Remuneration Of Engineering-Technical Staff Involved In The Implementation Of Innovation Projects' (2014) 4 Russian Journal of Innovation Economics.. Implementation of remuneration strategies After discussing or indentifying the various strategies of remuneration process the company must take appropriate steps to implement these strategies in the workplace Daniel S Rippy, Sizing Up A Start-Up (Perseus Pub 2000).. For example if an organization does not bring any changes in the organization or especially in the remuneration system they would not be able to stay dedicated towards their work and would not be able to grow confidence and skill on their jobs Peter F Drucker and Joseph A Maciariello, Management (Collins 2008). Thus it is must for the companies to implement the appropriate step to develop the remuneration system. They must consider all the qualifications of the employees before determining their salary or remuneration. Secondly the employees of the organizations should be paid in accordance with their working load and value to the whole organization. The management especially the human resource manager of the organization must be aware of few things like if the e mployees are working overtime or not and if they doing extra work, if they are getting their overtime remuneration or not Marie Jakubcov and Anna Fedorov, 'Implementation Of EVA Indicator In Value Based Remuneration System In Small And Medium-Sized Enterprises' (2012) 60 Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis.. These are the main aspects that the management of the organization should be aware of. Instead of these, the management of the company should be aware of the employees intensives and bonuses, and the human resource manager of the company must look after these factors that they are getting the incentives and bonuses or not. Remuneration process is all about employee satisfaction so the organization or the company should also look after the increment of the remuneration of the employees on the basis of their post, working load and most importantly on their experience. If the increment process is not satisfactory for the employees they would not s tay loyal and dedicated towards the company which will ultimately harm the organization as a whole. These are the main steps that should be implemented for the betterment of Sai Educational Institute Karen Maas and Sanne Rosendaal, 'Sustainability Targets In Executive Remuneration: Targets, Time Frame, Country And Sector Specification' [2015] Business Strategy and the Environment.. Research report Board Divisions Individual section 1) Preliminary martial Title of Report Table of contents 2) Body of report Introduction Remuneration strategy Implementation of remuneration Conclusion 3) Supplementary material References The above figure represents the format of a research report This process of research report is very useful for the research as a whole. It can provide an idea clearly what the research is all about and what points and aspects are included in the research. This report can give a clear idea on the research in a quick time Duncan Poore, Changing Landscapes (Earthscan Publications 2003). Conclusion The above research is all about the remuneration process of a company, its ways, procedures, strategies and practical implementation in the workplace of an organization. When a dedicated employee chose an organization to work he chooses it on the basis of the remuneration process. If the remuneration that the particular company is providing is not satisfactory the employee would never work there and ultimately the company will be harmed. Here the Sai Educational Institute, being such a recognized and well known company maintains a satisfactory remuneration for the employees. The mentioned company has chosen several strategies to determine the remuneration the employees. The strategies are already mentioned in the above passages along with the personal preferences of Sai Educational Institute. Not only are these but they also well concerned about the satisfaction of the employees. The human resource managers are doing great job and are looking after appropriately on the basic needs an d requirements of the employees, such as providing them regular intensives, providing them bonuses and also looking after their working time and providing them overtime remuneration. These are the main aspects of the remuneration process of an organization, here Sai Educational Institute. If an organization follows the mentioned steps or strategies before determining the remuneration and other aspects the company will surely be benefited. References Armstrong M and Murlis H,Handbook Of Reward Management(Crest Publishing House 2005) Beaver G, 'Strategy, Performance And Governance: The Sensitivity Of Remuneration' (2000) 9 Strat. Change Bilquees F,Civil Servants' Salary Structure(Pakistan Institute of Development Economics 2006) Bussin M,Remuneration Policy And Strategy(Knowledge Resources 2002) Davydovskiy F, 'Wage System And Financial Problems Of Remuneration Of Engineering-Technical Staff Involved In The Implementation Of Innovation Projects' (2014) 4 Russian Journal of Innovation Economics Drucker P and Maciariello J,Management(Collins 2008) Jakubcov M and Fedorov A, 'Implementation Of EVA Indicator In Value Based Remuneration System In Small And Medium-Sized Enterprises' (2012) 60 Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Maas K and Rosendaal S, 'Sustainability Targets In Executive Remuneration: Targets, Time Frame, Country And Sector Specification' [2015] Business Strategy and the Environment Poore D,Changing Landscapes(Earthscan Publications 2003) Rippy D,Sizing Up A Start-Up(Perseus Pub 2000) Williamson J,Getting A Big Data Job For Dummies(Wiley 2014)