32030374 okina fitriani, psi. ma remuneration. 2 agenda perkenalan metode belajar dan rambu2...
TRANSCRIPT
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32030374Okina Fitriani, Psi. MA
REMUNERATION
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AGENDA
Perkenalan
Metode belajar dan rambu2
Penilaian
Sumber
Harapan anda dan harapan saya
Komitmen bersama
Pengantar PIO
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METODE
Interactive lecturing
Case Study
Individual and group learning
Journal review
Default : 75% kehadiran
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BOBOT PENILAIAN
Tugas : 25%
UTS : 30%
UAS : 30%
Keaktifan dalam kelas : 15%
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SUMBER
Milkovich & Newman,.2005. Compensation. New York: Mc.GrawHill
General Remuneration Certification Seminar Materials. 2000. WorldatWork.
Buku-buku lain
Jurnal-jurnal
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HARAPAN ANDA, HARAPAN SAYA
“Bacalah dengan nama Tuhanmu Yang menjadikan.
Yang menjadikan manusia dari segumpal darah. Bacalah, dan Tuhanmu teramat mulia. Yang mengajarkan dengan pena (khalam). Mengajarkan kepada manusia apa yang tidak diketahuinya.” (Surat Al ‘Alaq 1-5)
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KOMITMEN
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DEVELOPING A TOTAL REMUNERATION STRATEGY
Questions Addressed by
What do we want to be? Vision
What do we want to do? Mission
What are we good at? Core competencies
What is the context within which we work? oEnvironment oOrganizational realitiesoCulture
What is the value discipline that will enable us to win in the market place?
oStrategyoCulture
What has to happen for us to win? Critical success factors
How can we tell how well we did? oPerformance measurement systemoPerformance criteriaoPerformance standardsoPerformance measures
What should our HR strategy be? oStaffing strategyoDevelopment strategyoRewards strategy
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REMUNERATION DESIGN PROCESS
CORPORATEVISION / MISSION
BUSINESSSTRATEGY
HUMAN RESOURCESSTRATEGY
PROGRAM REVIEW& AUDIT
PROGRAM DESIGN& ADMINISTRATION
COMPENSATION
WORKEXPERIENCE
BENEFITS
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BUILDING TR PHILOSOPHY
Total Remuneration Philosophy Statement must express the objective of the total remuneration program, desired competitive position in the labor market, and factors which should be used to maintain internal equity.
IDEAL :
•provide internal equity
•externally competitive
•Can attracts, motivates and retains high caliber employees
•ensure company’s achievement of its vision and mission in the most economical cost
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Job Analysis
Job Documentation
ExternalData Collection & Analysis
Job Content Evaluation Internal Data Collection & Analysis
Job Content Evaluation
Market Data Emphasis
Job Content Emphasis
Which approach?
Reconciliation of Internal &External Considerations
Job Worth Hierarchy
Pay Structure
Benchmark Jobs• Jobs price• Pay trend• Pay practices
Need to refresh Job Evaluation?
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SALARY SURVEY
STEPS
• Select benchmark position
Ideally represent a full range of position and salary group
• Do position matching
• Obtain salary data
• Compare your salary structure with competitors
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EXTERNAL COMPETITIVENESS TRHU SALARY SURVEY
Major Decision in Pay Level Determination
• Specify pay-level policy
• Define purpose of survey
• Select relevant market/competitor
• Design and conduct survey
• Interpret and apply result
Adjust pay level?
Adjust pay mix?
Adjust structure?
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STRUCTURE POLICY
Our Structure
Competitive pay
Lead PolicyOur structure leads at the beginning,same level at end of year
Lag PolicyOur structure at same level at the beginning,and left behind at end of year
Lead-lag PolicyOur structure leads at the beginning, same at mid year, and left behind at end of year
Start EndPlan Year
Start EndPlan Year
Start EndPlan Year
Our Structure
Competitive pay
Our Structure
Competitive pay
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MOTIVATION THEORY
• Maslow’s hierarchy of needsMaslow’s hierarchy of needs
• Adam’s Equity TheoryAdam’s Equity Theory
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MASLOW’S
Self ActualizationSelf Actualization
Esteem/ RecognitionEsteem/ Recognition
Social/ AffiliationSocial/ Affiliation
Safety/ SecuritySafety/ Security
Physiological Physiological
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ADAM’S EQUITY THEORY
Balancing Employee Inputs and Outputs
EMPLOYEE VS ORGANIZATION
Inputs :
Effort, Loyalty, Hard Work, Commitment, Skill, Ability, etc
Output :
Financial rewards (salary, benefits, perquisite, etc.)
Intangibles that typically include:
Recognition, Reputation, Responsibility, Growth, Job Security, etc
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ADAM’S EQUITY THEORY
Balancing Employee Inputs and Outputs
EMPLOYEE VS OTHER EMPLOYEES
Employee’s perception about whether they are fairly treated are based on comparison with others
Outcomes
Inputs
Outcomes
Inputs
EQUITY
OTHER (COMPARI SON)
EMPLOYEE
Outcomes
Inputs
Outcomes
Inputs
EQUITY
OTHER (COMPARI SON)
EMPLOYEE
• If ratio are equal, then satisfaction exist• If ratio is greater than others ratio, then the employee may feel over rewarded
• If ratio is less than others ratio, then the employee may feel under rewarded and dissatisfied
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MOTIVATION THEORY FROM AL QUR’AN
"Dan katakanlah, "Bekerjalah kamu, maka Allah dan Rasul-Nya serta orang-orang mu'min akan melihat pekerjaanmu itu, dan kamu akan dikembalikan kepada (Allah) Yang Mengetahui akan yang gaib dan yang nyata, lalu diberitakan-Nya kepada kamu apa yang telah kamu kerjakan". (QS. At-Taubah, 9:105)
Islam didasarkan pada keseimbangan antara kepentingan individu dan kelompok.
"Tidak berbuat zhalim dan tidak dizhalimi" (QS. Al-Baqarah, 2:279), dan diperjelas Rasulullah saw dalam kaidah syar'iyah, yakni: "Tidak merugikan diri sendiri dan tidak merugikan orang lain
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TUGAS KELOMPOK
•Cari 1 teori motivasi
•Jelaskan beserta contoh aplikasinya
•Cari 1 jurnal mengenai aplikasi teori tersebut
•Susun dalam bentuk paper dan presentasikan di pada 2 pertemuan berikutnya
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THE EVOLUTION OF REWARDS
Throughout history, employers have been challenged with attracting, retaining and motivating employees from the simplest barter systems of century past to the current complex incentive formula of today
TOTALREWARDS/
REMUNERATION
TOTALREMUNERATION
REMUNERATIONPAY
COMPONENTS
•Base Salary •Base Salary•Variable Pay•Incentives
•Base Salary•Variable Pay•Incentives•Benefits•Perquisites•Equity
•All Components of TR
•Work Experience•Relationships•Pride•etc
TOTALREWARDS/
REMUNERATION
TOTALREMUNERATION
REMUNERATIONPAY
COMPONENTS
•Base Salary •Base Salary•Variable Pay•Incentives
•Base Salary•Variable Pay•Incentives•Benefits•Perquisites•Equity
•All Components of TR
•Work Experience•Relationships•Pride•etc
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TERMINOLOGY
(Green R.J, Jackson L.B, Maxwell J.S, Rimsky T.M, 1991)
• Pay
To give (money) in return for goods or services
• Compensation
Cash or pay provided by an employer
• Benefits
Includes program that an employer uses to supplement the cash compensation an employee receives
• Remuneration
Everything that employees perceive to be of value resulting from the employment relationship
• Total Remuneration/Total Rewards
Salary, incentives, benefits, perquisites, organizational affiliation, status, etc
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MAJOR ELEMENTS OF TOTAL REMUNERATION
TOTAL REMUNERATION
Intrinsic Rewards Extrinsic Rewards
Financial Non Financial
Indirect Direct
Base Premium
Fixed Variable
Profit Sharing Incentive Bonus
ProtectionPrograms
Pay for TimeNot Worked
Service &Perquisites
Mandatory Voluntary General Limited
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DIRECT COMPENSATION
•Fixed Compensation is nondiscretionary remuneration. Typically refers to base pay.
•Variable Compensation is contingent on discretion compensation, performance or results achieved. Much of the innovation in remuneration is occurring in the variable pay element.
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FIXED COMPENSATIONBase Pay
Time Based: Based on length of service. In the starting level, all incumbents of job paid the same. The payment will be increased each year (seniority pay or step rate)
Job Based: Increases in base pay tied to individual performance in a specific job. Encourages performance by rewarding success.
Person Based: Payment will be made based on individual skill/knowledge. Classify each level of a specific job with career ladder. Encourages skill development.
PremiumsIn general terminology, premiums are usually defined as fixed
allowances. The payment of premiums could be made based on the following reasons:• Geographic, Hazardous Work, Shift work, On call job• Excess working hours (Overtime)
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VARIABLE COMPENSATION - Philosophy
Variable compensation may be developed forthe following purposes: • Make up the differences to be externally competitive.• Share organization’s success (fairness).• Align employees with organizational
objectives• Improve performance• Reinforce teamwork• Engage employees• Communicate measures and objectives )
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VARIABLE COMPENSATION - Type
Variable pay may be categorized to the following types (Archibald. G &
Lucas.R, 2003):
• Incentives are delivered through plans that predetermined a performance and reward schedule. The incentive may be paid in an accounting period (month, quarter, year multi-year) or upon an event (reaching an objective, completing a project, etc).
• Bonuses are delivered after the fact, based on some party’s (management or peer) judgement of performance and the warranted reward. Recognition plans are considered bonuses because they are after the fact (not a predetermined performance-reward schedule). Incentives and bonuses can be any type of award: cash, share, non cash, benefits, etc.
• Commissions are cash payments, based on a predetermined performance and reward schedule. Commissions are generally based on sales or profit margin on those sales. They are generally for sales employees.
• Profit Sharing is rewards system that bases rewards on organisation wide financial performance. Distribution of rewards to individuals is automatic, as equal amount or equal percentage of pay. Primary objective of profit sharing implementation is to achieve employee identification with the organization’s success thru a clear linkage with profit performance.
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VARIABLE COMPENSATION - Type
Cash Equities Non cash
(financial
value)
Non cash
(symbolic)
Organization wide
Long-term
Possible Common Rare Rare
Organization wide
Short-term
Common Less
common
Rare Rare
Organizational
Unit
Short-term
Common Rare Less
common
Less
common
Team Common Less
common
Common Common
I ndividual Common Common Common Common
Recognition Less
common
Less
common
Common Common
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TYPE OF SHARE
OriginalValue
{ Total Value• Share grant• Restricted
Share
AppreciationOnly• Share purchase• Share option• SAR
Type of Plan What employee gets
Share purchase Appreciation only
Share option Appreciation only
Share-appreciation rights (SAR) Appreciation only
Share grant Entire value
Restricted share Entire value
OriginalValue
{ Total Value• Share grant• Restricted
Share
AppreciationOnly• Share purchase• Share option• SAR
Type of Plan What employee gets
Share purchase Appreciation only
Share option Appreciation only
Share-appreciation rights (SAR) Appreciation only
Share grant Entire value
Restricted share Entire value
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INDIRECT COMPENSATIONS
A variety of factors are influencing the growth and change of
employee benefits:
Government involvement. In many countries, the government is the main provider of employee benefit programs. In other countries, the government mandates or encourages employers to provide certain programs.
Competitive practice. Employee benefits play a significant role in helping the employer attract and retain the work force it needs to carry out its mission.
Employer initiative. Employers commonly use benefits to protect the standard of living of its workers.
• Employee demands. Employee often request new or different benefits. Unions sometimes represent workers in negotiating with companies for benefits
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PROTECTION PROGRAMS
Mandatory Protection Programs
Protection program which is governed by applicable laws in
the operating area of the company.
•National healthcare system
oJamsostek in Indonesia
oNational healthcare protection in Great Britain, etc
National retirement system in Italy, Germany, Chile, etc
Termination indemnity program in Indonesia, Brazil, Mexico, etc
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PROTECTION PROGRAMS
Voluntary Protection Programs
1. Insurance Coverage
• Health care
• Medical insurance
• Dental insurance
• Vision insurance
Survivor benefits
• Employee life insurance
• Dependent life insurance
• Accidental death & dismemberment insurance
• Disability insurance
• Sick pay
• Short-term disability
• Long-term disability
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PROTECTION PROGRAMS
Voluntary Protection Programs
2. Defined Benefit Plan. It may be an additional retirement benefit. Usually defined by a formula of service year. Integration to government sponsored programs is very important.
3. Defined Contribution Plans
Employee and company contribute to the retirement account that could be withdrawn after retirement period. May be paid as lump sum or monthly
Saving Plan. Employee and company contribute to special account which my be withdrawn after a certain period of service.
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PAY FOR TIME NOT WORKED
This benefit is the most forgettable benefit in the employee’s point
of view.
1. At Work
Coffee/Tea break
Training
Praying, etc
2. Not at work
Vacation/Holidays
Leave Time : due to disability, sick, maternity etc
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SERVICES & PERQUISITES
General Availability
This type of benefit is available generally for all employees
but may be in different level.
Examples:
o Company cafeteria
o Transportation services (bus, company plan, etc)
o Parking Area
o Medical Clinic in office area
o Etc
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SERVICES & PERQUISITES
Restricted availability
The eligibility of these perquisites is restricted for certain
position or level.
Examples:
o Company car
o Club membership
o Financial Planning
o Vacation / Rest & Relax
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MAJOR ELEMENTS OF TOTAL REMUNERATION
TOTAL REMUNERATION
Intrinsic Rewards Extrinsic Rewards
Financial Non Financial
Indirect Direct
Base Premium
Fixed Variable
Profit Sharing Incentive Bonus
ProtectionPrograms
Pay for TimeNot Worked
Service &Perquisites
Mandatory Voluntary General Limited
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NON FINANCIAL EXTRINSIC REWARD
• Quality of life
• Experiences
• Social Status
• Sound environment
• Work load
• Work variety
• Non financial appreciation
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TUGAS KELOMPOK
• Cari 1 perusahaan
• Selidiki bagaimana sistem remunerasi finansial perusahaan tersebut
• Buat analisa apakah sistem tersebut sudah tepat
• Jika belum apa saran anda
• Presentasikan