Compensation Management
After the candidate is selected they should be managed properly and motivated by providing best wages and compensation as per the industry standards. Compensation is the remuneration received by an employee in return for his involvement to the organization. It is a organized workout that contains balancing the work employee relation by providing monetary and non-monitory benefit to employees.
Compensation means to all forms of pay received by employees. Benefit means extra received by the employee other than salary. Employee benefits are noncompulsory, non-wage compensation provided to employees in addition to their normal wages or salaries. Companies want to attract, keep and encourage employees to meet goals. One of …show more content…
Direct compensation and indirect compensation.
Direct Compensation:
Direct compensation means the monitory benefits offered and provided to employees in returns of services they provide to the organization.
Basic: Salary is the amount received by the employee with respect to work done by certain period means monthly or weekly.
Bonus: The amount is rewarded to employees during festive season to encourage them and provide them the social security.
Conveyance: Some of the company offers cab facilities to their employees. Few organization also provide vehicle and petrol allowances to their employees.
House rent allowance: Organization either offers accommodation to its employees or they provide house rent allowances to their employees.
Leave travel allowance: The employees are given allowances to visit any place they wish their families.
Medical reimbursement: Most of the companies are provided medical claims for the employees and their family members.
Special allowances: Allowances such as mobile allowances, meals, reduced interest loans, insurance etc. are provided to employees to provide them social security.
Indirect Compensation: Indirect compensation means non-monitory benefits presented and provided to employees in the specified …show more content…
All employees are given medical claim facility.
Leave Travel Assistance: Kensington provides AED 3500/ for each and every employee as travel allowance per annual.
Leave Policy: Kensington had given the right of employees to get adequate number of leave while working with the company. The organization provides paid leaves such as annual leave, medical leave etc. Thirty days leaves are provided to each employee as annual leave.
Retirement Policy: Kensington provide retirement benefits for only back office employees. At the retirement time company provide an amount equal to 26 days salary for yearly as settlement benefit.
Commission:
Commission is very important compensation in the case of real estate business. To motivate real estate agents commission is very important. Real estate agents are the core of the company behind the success of any real estate company. Kensington provide 2.5 percent commission for real estate agents and 1 percent for back office employees for every sale.
FINDINGS
Q1. Employees are aware what they should follow to get more compensation and benefit?
Employee Category Agree Disagree
Back Office Employees 80% 20%
Real Estate Agents 75%
After the candidate is selected they should be managed properly and motivated by providing best wages and compensation as per the industry standards. Compensation is the remuneration received by an employee in return for his involvement to the organization. It is a organized workout that contains balancing the work employee relation by providing monetary and non-monitory benefit to employees.
Compensation means to all forms of pay received by employees. Benefit means extra received by the employee other than salary. Employee benefits are noncompulsory, non-wage compensation provided to employees in addition to their normal wages or salaries. Companies want to attract, keep and encourage employees to meet goals. One of …show more content…
Direct compensation and indirect compensation.
Direct Compensation:
Direct compensation means the monitory benefits offered and provided to employees in returns of services they provide to the organization.
Basic: Salary is the amount received by the employee with respect to work done by certain period means monthly or weekly.
Bonus: The amount is rewarded to employees during festive season to encourage them and provide them the social security.
Conveyance: Some of the company offers cab facilities to their employees. Few organization also provide vehicle and petrol allowances to their employees.
House rent allowance: Organization either offers accommodation to its employees or they provide house rent allowances to their employees.
Leave travel allowance: The employees are given allowances to visit any place they wish their families.
Medical reimbursement: Most of the companies are provided medical claims for the employees and their family members.
Special allowances: Allowances such as mobile allowances, meals, reduced interest loans, insurance etc. are provided to employees to provide them social security.
Indirect Compensation: Indirect compensation means non-monitory benefits presented and provided to employees in the specified …show more content…
All employees are given medical claim facility.
Leave Travel Assistance: Kensington provides AED 3500/ for each and every employee as travel allowance per annual.
Leave Policy: Kensington had given the right of employees to get adequate number of leave while working with the company. The organization provides paid leaves such as annual leave, medical leave etc. Thirty days leaves are provided to each employee as annual leave.
Retirement Policy: Kensington provide retirement benefits for only back office employees. At the retirement time company provide an amount equal to 26 days salary for yearly as settlement benefit.
Commission:
Commission is very important compensation in the case of real estate business. To motivate real estate agents commission is very important. Real estate agents are the core of the company behind the success of any real estate company. Kensington provide 2.5 percent commission for real estate agents and 1 percent for back office employees for every sale.
FINDINGS
Q1. Employees are aware what they should follow to get more compensation and benefit?
Employee Category Agree Disagree
Back Office Employees 80% 20%
Real Estate Agents 75%