Compensation And Benefits

Introduction

Firms need to ensure that the continuously improve productivity to enhance their competitive edge. The gain from higher productivity will enable firms to rationalize coat and sustain labour cost competitiveness which is crucial in an ever changing economy environment. To ensure that firm remains cost competitive, the issue of linking wages to productivity should be given emphasis. Any increase in wages should be supported by growth in productivity to avoid high cost of production or service provided.

PLWS is a system which establishes the link between wages and productivity. The system will ensure that wage increases commensurate with higher productivity, thus enhancing competitiveness at the firm level. It will also enable employers to develop a wider and systematic approach towards improving productivity and wages, through the active involvement and co-operation of all employees.

The PLWS has a positive effect on employees. Employees are encouraged to be more productive, and perform better, knowing that they will be able to receive a fair share of the gains through their efforts. It is a win – win situation for both employers, and employees as both works together to enhance performance of the firm.

An employee performance management system is a means to ensure that every employee works in a manner which is aligned with organizational goals and which ensure that the employee reaches his maximum potential on the job. Employee performance management systems must take into account recruitment of workers, as only workers with the right attitudes and abilities can perform well, training which ensure employees have the skills and knowledge that need to do a good job and reward systems which encourage workers to continue to perform well. Managing the performance of individual employees is the job of managers and supervisors.

In order to attract workers to retain the best performers, employers need to have a compensation system that will achieve their objectives. Employers need to comply with the relevant laws which relate to payment systems and hours of work, they must decide whether to offer a remuneration rewards to employees. Rewards are usually tied to a worker’s performance on the job are used as a motivational tool to encourage high level of performance

How Will You Benefit

After attending this consultancy program, participants will be able to:-

• Explain the importance of productivity improvement
• Describe the main components in a performance management system
• Discuss the requirements for implementing an appraisal system
• Explain different types of payment structure, including basic pay, benefits and incentives
• Explain why employers offer benefits to employees

Who Should Attend

• This program is suitable for administrators, HR managers and executives or managers responsible for the HR planning, implementation, monitoring and approval for HR management matters. Business owners, company directors or accounts managers or executives are encouraged to attend.
• For levels of Executives and above.

Methodology

Short lectures/presentations, group discussions, individual/group presentations, short video clips, case study, role plays, and simulation activities

Module

• PRODUCTIVITY /KPI-LINKED WAGE
• PERFORMANCE MANAGEMENT
• REWARDS AND RECOGNITION
• WELFARE MANAGEMENT