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Perform an internet search and select an organization, then, Describe the different compensation plans and examples...

Perform an internet search and select an organization, then, Describe the different compensation plans and examples of compensation practices.

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In most of the organizations, the compensation policy followed would be somewhat similar. The organization which is selected in this case is UST Global, which is an American based IT company. The type of compensation that the company follows for their employees are as follows:

They are broadly classified into:

  1. Monetary compensation
  2. Non monetary compensation

Under monetary compensation, the various aspects that are covered are:

  1. Salary: The basic pay or the salary is being given to all employees on the basis of their designation.
  2. Claims: Any kind of claims like medical claims, insurance claims, reimbursement of children’s education etc are also being considered as a benefit that their employees should enjoy.
  3. Incentives: On the basis of their performance, the company gives incentives to their employees, which will be proportional to their share of contribution towards the profit earned.
  4. Gratuity: It is a benefit that the employees are entitled to get at their after from the company if they have been working in that particular organization for over 10 years.

Under non monetary compensation, some of the factors that comes are:

  1. Challenging job: Most of the employees would not like to stick on to the monotonous job that they are doing day in and out. So for such employees there are chances for having a challenging job, which could be a roller coaster ride for them.
  2. Promotion: This cannot be termed exactly as a kind of compensation, but this is a kind of compensation offered to an employee for their best performance to aid their career growth.
  3. Flexible work time: Most of the organizations are now switching on to the concept of flexible work time where in the employees will have to work for a fixed number of hours. There is no strict check in and checkout time.
  4. Allied benefits: Some benefits that come along with their job profile for employees with high designations are car, mobile phones, fully furnished residence etc.
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