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BSBHRM505 - Manage Remuneration and Employee Benefits - Report

   

Added on  2020-03-04

10 Pages2392 Words145 Views
RUNNING HEAD: MANAGE REMUNERATION AND EMPLOYEE BENEFITS 1ContentsContentsTask 1...............................................................................................................................................3Aim of Remuneration...................................................................................................................3Manage Remuneration and Employee Benefits HR PLAN FOR STAR INDUSTRIES
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Remuneration and benefits plan for Star Industries 2The organisation...........................................................................................................................3The employees.............................................................................................................................3Impacts of 5 external factors while developing remuneration plan.............................................3Impact of 5 internal factors while developing a remuneration strategy.......................................4Job evaluation and its impacts on organisations..........................................................................43 job evaluation methods used at STAR Industries.....................................................................4Internal relativity/equity...............................................................................................................5External relativity/equity..............................................................................................................5Interpersonal relativity/equity......................................................................................................5Steps to validate employee’s effort to reduce turnover................................................................5Methods applicable......................................................................................................................6Salary surveys, wages and benefits paid in industry or geographical location............................6Possible market positions an organisation...................................................................................6Range of benefits.........................................................................................................................6Salary packaging..........................................................................................................................7Impact of FBT on salary packaging, novated leasing arrangements and reporting requirements......................................................................................................................................................7Recommendations to STAR Industries to be an employer choice...............................................7
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Remuneration and benefits plan for Star Industries 3Task 1Aim of RemunerationThe remuneration strategy at Star Industries is aimed to attract and retain top quality employeesby bringing changes and develop further skills and knowledge. In order to ensure effectivenessthe management and the team has to ensure that each team member is remunerated according tothe work he/she has done. The organizational policies are related to the reward procedure(Marchington, Wilkinson, Donnelly and Kynighou, 2016). The organisationThe organization will be giving away the wages as per the industrial standard withoutdifferentiating among the employees. This will give a fair position to the organization. Thesalaries of the employees are kept after consulting with the GM, Finance and Administration, HRManager Etc. For the purpose of disbursing salary the Star Industries has classified theresponsibilities according to three levels. The employeesThe employees are promoted according to the performance. The ratings are given by themanagement on the basis of the individual performance. The purpose is to guarantee long-termsustainability and goals. The employee is upgraded with the applicable proposal in relation withthe results. Impacts of 5 external factors while developing remuneration planMarket plus philosophy: The employees are been paid in excess to the ongoing marketrates.
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