Remuneration System and Performance Management System Models

Gudemmagari Sidda Chirag Reddy Portfolio
Welcome!
Gudemmagari Sidda Chirag Reddy has done Bachelor of Electronic and Communication
from VIT university of Indian and is currently pursuing Master of Project Management from the
La Trobe University of Australia. He has the experience of Administrative Assistant in Environ
Software Pvt Ltd from December 2016 to June 2017, Food Service Worker in Nat’s Place from
August 2017 to December 2017, Customer Service Representative in DNA Recruitment in the
Month of June 2018 and Delivery Driver in the month of September 2018.
Gudemmagari Sidda Chirag Reddy has attained many skills from these jobs like
Communication Skills, Skill of Self Motivation, Decision Making skills, problem-solving skills
and the skill of team player. He has also awarded with the certificate of Responsible Service of
Alcohol (RSA), Australia. He has the ability of problem-solving in a difficult situation with the
help of effective communication and team management. The career objective of Gudemmagari
Sidda Chirag Reddy is to be a project manager in a company and accomplishing its objectives
effectively and efficiently.
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Portfolio Part A
This part of the portfolio is going to discuss various types of remuneration systems,
practices and processes that are related to the skills, abilities, knowledge, and experiences of
employees of the company (Christel E. van Dijk, Robert A. Verheij, Hans te Brake, & Peter
Spreeuwenberg, 2014).
Remuneration System Model
Figure 1: Model of Remuneration System
 Company’s Objective and Existing Remuneration System Analysis: The first step in
this model is to analyze the main objective of the company so that the company can get a
competitive advantage over other companies. On the other hand, the existing
remuneration system of the organization should also be analyzed in order to identify its
effectiveness and the areas in which it is lacking currently.
 Identification of Improvement Area in System: In the next step of the model, after
analysis of existing remuneration system of the company and identifying the areas in
Company’s Objective And Existing Remuneration
System Analysis
Identification Of Improvement Area In System
Select Basic Salary Policies And Compensation
Elements
Implement The Remuneration Package
Evaluation Of Implemented Remuneration Package

which that system was lacking, the aim of the company is to identify various methods for
the improvement and overcoming the shortcomings of existing remuneration plan (Gary
M. Franklin, Thomas M. Wickizer, & Norma B. Coe, 2014).
 Select Basic Salary Policies and Compensation Elements: In this company research
about various policies that define basic pay of the employees in a company. It also
identifies various compensation elements that must be included in the basic pay of the
company’s employee (Elvira Yuryevna CHERKESOVA, Yelena Anatolyevna
GREVTSEVA, & Nataliya Evgenyevna DEMIDOVA, 2015).
 Implement the Remuneration Package: When the company decides on perfect basic
pay policy and various components of the compensation. Then in combination, these
things constitute the remuneration package of the company for each employee (Leslie I.
Boden, 2012).
 Evaluation of Implemented Remuneration Package: After the implementation of the
brilliantly built remuneration package in the company, then the analysis and evaluation of
that package come. It is done in order to identify any drawbacks in the designed
remuneration package for the company. In this way, this process again starts from the
first step (Emily A. Spieler & John F. Burton, 2012).
Practices that support prescribed model
 Comparison of remuneration packages of other similar companies: It will help in
comparing company’s objectives, policies, functions, and goodwill with the other
companies and in turn the remuneration package according to competing companies, can
be planned by the company (Elizabeth Kilgour, Agnieszka Kosny, Donna McKenzie, &
Alex Collie, 2014). In order to achieve these various remuneration packages of different

companies with the project management as a job profile will be assessed and in turn, the
best option among them can be chosen.
 Consideration of Company’s Staff: While making a remuneration package, it is the
responsibility of the company to identify and consider the requirements and skills of
existing staff of the company (Lee Strunin PhD & Leslie I. Boden PhD, 2010). This is
done in order to motivate employees to work harder and in an effective manner towards
the achievement of the company’s ultimate goals and objectives.
While going through various steps of designed remuneration system of the
company in every step the consideration of staff by the company is necessary. An
efficient remuneration system can only be possible when it is designed by taking into
consideration various requirements and skills of the company’s staff (Michael J. Moore
& W. Kip Viscusi, 2014).
 Training and Development practices: While planning an effective remuneration
system, the company needs to identify the extent to which the company is going to invest
in training and development of its employees (Eduardo Salas, Scott I. Tannenbaum, &
Kurt Kraiger, 2012). This is also considered as an important factor while planning a
proper remuneration system for the company. Its main aim is to invest in training and
development only that much amount that can be recovered with the performance of
respective employees (Elaine Cohen, 2010).