Compensation Management of a Multinational Company

Topics: Leave, Employment compensation, Family law Pages: 14 (4526 words) Published: June 25, 2013
COMPENSATION MANAGEMENT Compensation is a key factor in attracting and keeping the best employees and ensuring that organization has the competitive edge in an increasingly competitive world. The Compensation Management component enables one to differentiate between one’s remuneration strategies and those of his competitors while still allowing flexibility, control and cost effectiveness. It provides a toolset for strategic remuneration planning that reflects organization culture and pay strategies, and it empowers line managers within a framework of flexible budget control. Compensation Management allows one to control bottom-line expenditures and offer competitive and motivating remuneration, be it fixed pay, variable pay, stock options, merit increases, or promotion – in other words, total compensation. In brief, it includes     Create centralized and decentralized budgets Plan and administer compensation adjustments at the manager level Plan and administer compensation adjustments within budget Performing Job Pricing Define pay grades and salary structures to identify the internal value of jobs and positions in your organization  Administer long-term incentives. FEATURES Compensation Management comprises the following components: Job Pricing This component uses to store and manipulate results from external job evaluation systems, and data from external marketing surveys. This data can be used as a starting point for building salary structures associating with jobs and positions in the organization. This component allows identifying the internal worth of jobs and positions in the organization. Budgeting This component is used to allocate monetary amounts or non-monetary amounts, for example, a number of shares, to a particular department, subsidiary, or plant within the organization. It can also be used as a control mechanism to make sure to stay within the budget amount allocated. Compensation Administration This component is used to plan and administer compensation adjustments, such as salary increases, bonuses, long-term incentives either across the board or in accordance with the corporate compensation policy and eligibility criteria. This component also enables to distribute adjustments at the employee by allowing one to overwrite the prescribed adjustment manually. The additional employee information provided supports and facilitates the decision-making process. The control mechanisms built into the component warn immediately if the planning is inconsistent or has exceeded the allocated budget.


INTRODUCTION TO UNILEVER BANGLADESH Unilever started its onshore operations in Bangladesh in 1964 when its soap factory was set up at Chittagong. Unilever Bangladesh is market leader in 7 of the 8 categories it operates in, with 16 brands spanning across Home and Personal Care and Foods. Unilever Bangladesh’s operation provides employment to over 10,000 people directly and indirectly through its dedicated suppliers, distributors and service providers. 99.8% of Unilever Bangladesh employees are locals. We also have a large number of Company employees working abroad in other Unilever companies as expatriates. Doing Well by Doing Good 

Project Laser Beam – Bangladesh selected for pilot of Unilever-WFP led Public Private Partnership targeted towards eradicating child hunger and malnutrition. Global Hand washing Day – UBL, along with its partners, applied for Guinness Record for highest number of people (52,000) washing their hands together at a time Oral Health & Hygiene Awareness Programme – led by Pepsodent through school-based activations, covering 700,000 contacts in ’09 and targeting 2.5mln in ‘10 Lifebuoy Friendship Hospital - Launched in March 2002 in association with the humanitarian organization "Friendship”. Has a dedicated medical team on board and reaches to people who would not have access to proper medical facility. Approximately...
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