In an expanding economy, human resources are scarce, and it’s important to attract and retain the best people. In a recessionary economy, human capital is a major expense that needs to be controlled effectively. But no matter what the global economic situation may be, you need maximum insight and flexibility to manage enterprise compensation. You also need the ability to adapt dynamically to ever-changing circumstances. A comprehensive compensation management solution achieves this by integrating all relevant human resources (HR) processes, including the administration of fixed and variable pay, long-term incentives. performance management, compensation budgeting, personnel cost planning, salary benchmarking, and payroll.
1.1Objectives of the Study
The objectives of the study are as follows:
( To know the HRM policies and compensation system of an organization.
( To learn how to calculate the salary of employees.
( The main objectives are, as we are HRM students we need to deal with the employee compensation, rewards, promotion, increment etc, so this study will help us do this properly.
1.2Scope of the Study
This study covers the basic system of compensation management. We have put our all efforts to prepare this paper in such way which will help us it for further information needed.
1.3Methodology of the Study
This study is based on our knowledge which we have learned from our course teacher. We use used forecasted information, and some information given by our honorable course teacher. We try to given some pictorial comparison of salary system. We used MS word; MS excel for prepared this report properly.
1.4Limitations of the Study
We are really unable to collect enough information for some unanticipated reasons.
Due to the lack of enough time we could not gather more information to justify extract information. Many things were so confidential that we are not entitled to access there. The most vital limiting factor was our lack of knowledge and experience for this report is not enough at this stage.
2. Meaning of wage or compensation payment
Wage is a monetary payment made by the employer to his employee for the work done or services rendered. It is a monetary compensation for the services rendered. A worker may be paid Tk. 100 per day or Tk.. 4500 per month. This is wage payment. The worker gives his services and takes payment called wage payment. Industrial workers are paid remuneration for their services in terms of money called wage payment. Wages are usually paid in cash at the end of one day, one month or one week. Money wage is the monetary compensation or price paid by the employer to his employee for the services rendered. Such compensation is also called wage or salary or reward given by an organization to a person in return to a work done. Generally, compensation payable to an employee includes the following three components: ❖ Basic compensation for the job (wage/salary)
❖ Incentive compensation for the employee on job
❖ Supplementary compensation paid to employees (fringe benefit and employee services)
2.1 Components of Employee Remuneration
The remuneration packet of an employee includes wage/salary, incentives, fringe benefits, perquisites and finally non-monetary benefits. This is made clear in the following chart:
2.2 Model of Compensation Management
3. About the Organization
The name our organization is B-Cell. Com. Our Company is situated in Gulshan-2 Dhaka. Our company is fully technology based organization. The company will produce pen, pencil, mobile accessories, pen drive, and some other necessary things have produce which is needs for our daily life. Generally this type of organization requires many employees to operate the business. But we are in early stage to operate the business. For that reason, we have stated our business with few employees. Our company will follow...