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HRMCOMPENSATION AND CAREER PLANNING
Project By Shantanu Bhople - 31Gaurav Jadhav – 57Mohit Gupte - 16Varun Lamba - 27Mayur Thakre - 52Kokila Patel - 17
INTRODUCTION TO CAREER PLANNING AND DEVELOPMENT
Meaning
Career planning meaningObjectives Advantages
ESSENTIALS TO MAKE CAREER PLANNING SUCCESSFUL
Support from top management
Large size of the organization
Proper selection of an employee
Fair promotion police
Publicity to create development
Continuity in the process
PROCESS OF CAREER PLANNING AND DEVELOPMENT
Analysis of personnel situation
Projection of personnel situation
Identifying career needs
Selection of priorities
Development of career plans
Write up of formulated career plans
Managerial planning
Implementation
Review and evaluation
Future needs
CAREER LIFE CYCLE STAGES
Exploration stage
Establishment stage
Mid-career stage
Late career stage
Decline stage
SUCCESSION PLANNING AND STEPS
Identifying the key position
Appraisal of employees potential
Selection of the right person
Training and development
Placement
Performance review
MEANING AND ELEMENTS OF COMPENSATION MANAGEMENT
Salaries & wages
Bonus
Incentives
Benefits of Incentives
Motivation
Innovation
Reduced supervision
Improve corporate image
Improved morale
Reduces absenteeism
Reduces employee turnover
Encourages initiative
Team work
Higher efficiency
Fringe benefits And Types
Retirement benefits
Disability insurance
Property fringe benefit
Education and training programme
Health insurance
Life insurance
Car fringe benefit
Other fringe benefits
OTHER TYPES OF COMPENSATION
Perquisites
Employee stock option plan
Retention bonus
Profit sharing
Gain sharing
Skill-based pay
FACTORS AFFECTING COMPENSATION
Demand and supply
Labour union
Ability to pay
Productivity cost of living
Government regulations
Prevailing market rate
Other factors
ESSENTIAL OF A SOUND COMPENSATION SYSTEM
Definite plan
Competitive wages
Equal pay for equal work
Provision for appeal
Communication
Minimum wage
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