Group Members

1. Atif Aziz Gurmani 2. Ahmad Sabeh Baber 3. Nayyar Nisar

TABLE OF CONTENTS
1. Compensation system. 2. Wages and salary. 3. Salary surveys. 4. Employees Benefits.

Compensation system
Compensation:
Represents the rewards employees receive for performing their jobs are either: o Intrinsic o Extrinsic

Compensation system
Types of compensation. 1. Direct financial compensation. 2. Indirect financial compensation. 3. Non-financial compensation.

Compensation system
1. Direct financial compensation.
Consisting of pay received in the form of wages, salaries, bonuses and commissions provided at regular and consistent intervals.

2. Indirect financial compensation.

Including all financial rewards that are not included in direct compensation.

Compensation system
3. Non-financial compensation.
Referring to topics such as career development and advancement opportunities, opportunities for recognition, and work environment and conditions.

Wages and salary

When determining what your organization will pay early childhood educators for wages and salaries, it is important to understand the economic conditions of your region. It includes: 1. Deciding what to pay. 2. Part time Employees. 3. Purpose of minimum wages.

Wages and salary

1. Deciding what to pay.
They are many situations in which you will be faced with deciding what to pay an employee: A new employee. An existing employee due for an increase. An existing employee moving into a new role. A valuable employee who is considering leaving because of compensation.

Wages and salary

2. Part time Employees.
Compensation for part-time employees should be consistent with your overall compensation philosophy.

3. Purpose of minimum wages.

Minimum wage standards are also designed to stop these workers from trying to undercut each other by agreeing to work.

Salary surveys
Definition.
Salary Surveys are tools used to determine the median or average compensation paid to employees in one or more jobs.

Types of data gathered in a salary survey.

Salary Surveys are analyses of compensation data. This data may include quantifyable aspects of compensation such as:

Salary surveys
1. 2. 3. 4. 5. 6. 7. 8. Base salaries. Increase percentages or amounts. Merit Increases. Salary Ranges. Starting Salary. Incentives/Bonuses. Allowances and Benefits. Working Hours.

Salary surveys
Where can I find salary surveys?
Associations conduct surveys of their members including: 1. 2. 3. 4. Society for Human Resource Management College and University Personnel Association ACA NACUBO

Salary surveys
Surveys are also available from various government departments including:
1. Bureau of Labor Statistics. 2. Occupational Compensation Survey. 3. State Occupational Employment and Wage Estimates.

Employees Benefit
1. 2. 3. 4. 5. 6. 7. 8. Paid Holidays. Leave of Absence. Retirement plan. Group life insurance. Optional life insurance. Long-term care Educational Assistance. Employee Assistance program.

Statutory Benefits
Statutory is defined as something fixed, authorized, or established by statute.
This includes: 1. Employment insurance. 2. Quebec pension plan. 3. Statutory obligations.

Questions???

Thank You