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3.

6 Employee Compensation:
Employee compensation refers to all forms of pay or rewards going to employees and arising from their employment. It has two min components: 1. Direct financial payments: Wages, salaries, incentives, commissions, and bonuses. There are two ways to pay directly: Time based pay: Daily, hourly, weekly, biweekly or monthly wages and salaries Performance based pay: Ties compensation directly to the amount of product the worker generates. 2. Direct payments: Financial benefits like employer-paid insurance and vacations.

3.6(A) Factors influencing the design of compensation plan


Legal considerations in compensation Union influences on compensation decisions Corporate policies and competitive strategy Policy issues affecting the plan of an organization

3.6(B) Establishing Pay Rates Step-1 The Salary Survey: A survey aimed at determining prevailing wage rates. A good salary survey provides specific wage rates for specific jobs. Formal written questionnaire surveys are the most comprehensive, but telephone surveys and newspaper ads are also sources of information.

Step-2

Job Evaluation: A systematic comparison done in order to determine the worth of one job relative to another. Job Evaluation method includes: 1. Ranking: Involves ranking each job relative to all other jobs, usually based on overall difficulty. There are several steps in this method: Obtain job information for each job Rank jobs by department or in clusters Select just one compensable factor Rank jobs Combine ratings

2. Job Classification: Categorize jobs into groups 3. Point Method: A number of compensable factors are identified and then the degree to which each of these factors is present on the job is determined. 4. Factor comparison: Ranking jobs according to a variety of skill and difficulty factors, and then adding up these rankings to arrive at an overall numerical rating for each given job.

Step-3 Group Similar Jobs into Pay Grades: A pay grade is comprised of jobs of approximately equal difficulty. Step-4 Price each Pay Grade-Wage Curves: This curve shows the relationship between the value of the job and the average wage paid for this job. Step-5 Fine-Tune Pay Rates: A series of steps or levels within as pay grade usually based upon years of service.

3.6(C) Benefits and Rewards Package


Indirect financial and non financial payments employees receive for continuing their employment with the company. There are several types of benefits: Supplemental Pay Benefits Insurance Benefits Vacations and Holidays Sick Leave Parental Leave and Family Leave Medical Leave Retirement Benefits

3.7 Health & Safety

3.7-(A) Health Pre- employment medical check-up: The selected person before joining has to go through full medical check-up that guarantees his /her physical fitness to perform the job successfully. A medical practitioner who uses a physical capability analysis that assesses the candidate against the physical capabilities documented for each role conducts the

medical check-up. A medical is also appropriate for internal candidates if they are applying for positions that require different physical capabilities.

Medical Facilities: Doctors are arranged to visit each location of numbers of times a week to provide necessary medical support to the employees. Moreover, the nonmanagement staffs enjoy medical treatment at Hospital at company arrangement. Health Insurance Policy: Management staffs enjoy health insurance for self, spouse and two children up to 21 years for hospitalization only. Delta Life Insurance provides the insurance and the company pays the premium.

3.7-(B) Safeties

SHEQ SHES (Safety Health Environment Security)

S H E Q

for for for for

Safety Health Environment Quality

Why Safety and Environment Issues are required? The safety and environment issues are required because of the following reasons:

Safety leads improved productivity

Employees Satisfaction

To comply the national law and order To keep the work environment sound and healthy Maximum productivity through employees satisfaction Helps loss prevention Now a day, safety is considered as the most vital issue for all occupation & work situation in all the developed country of the world. It is very good sign that in our country certain organizations are also emphasized on safety like other developed country of the world. Safety aspects are also incorporated with IMMSS Policy i. e., integrated management system & standard. It is developed from the following standard. In house safety of the BPL (that was previously practiced) NOSA ISO (Specially for electrode business) Environment Laws of Bangladesh Labor Law of Bangladesh (it comes from the Salt Act (1905) then Indian Labor Act (1935) and finally modified through The National Assembly on Bangladesh on 1982. From these standards IMSS has taken 36 sections under consideration. 20 sections are included from ISO and rest from others. It should be noted here that IMSS is now on implementation phase and it will take 4 to 5 years to get a shape in BCCP, Bangladesh.

Company Safety Policy It comes from the group chief executive to adapt in all the country. The local CEO counter signs the policy for each individual country and the copy of the policy is circulated to all the levels in the organization. So it is the duty of all the employees to emphasize on safety. There is an Oath in BPL, Bangladesh regarding safety. That is SAFETY FIRST QUALITY MUST.The safety policy of BPL, Bangladesh safety health and environment management which is signed by the CEO carries certain messages for us. It complies with the local safety laws of Bangladesh. One important issue of this policy is DUTY OF CARE. It can be described as not to do any thing that may cause risk to others, properties even to myself and also let other not to do even that may hazardous to himself only. There is another planning for emphasized on safety. Safety aspect may include in every ones KPI & CSF. There are some other important points of the policy that we should care and implement in hour daily work. The copy of the safety policy is attached herewith for the ready reference. Finally it should be noted that BPL, Bangladesh not only believes the oath safety first but also implements it through their works. Beginning of the orientation program with Safety Department may be an example of this practice.

3.8 Motivating Employees in Beximco Pharma:


The advantage of having a Management by Objective (MBO) system is that everyone becomes Self-motivated. Everyone is motivated to achieve, to perform. The only challenges is to keep the employees moral high in times of failure. In BPL, one of the tasks of the management is counseling. Managers are there to help the employees to achieve the goals, which in turn keep the employees motivated. Apart from creating a healthy working environment and ensuring employee empowerment, BPL offers a number of benefits to keep them motivated. The benefits offered by the company are given below: 1. Education costs of the children

2. 3. 4. 5. 6. 7.

Permanent job facility Leave facilities Yearly Employee Awards Promotion Foreign Travel with Family Offers Share from revenue etc.

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