Direct and Indirect Compensation in HRM
Informal Learning on Learning Management
Informal Learning Informal learning in the workplace or classroom is contributed to absorb wide-ranged knowledge for individuals comparatively formal learning such as training programs, lectures, workshops etc. Informal learning process is associated with exchange knowledge on regular by individuals along with their environment (Manuti, et al., 2015) . Informal learning is the opposing side of formal learning. Formal learning procedures carry out in systematic and structural manner where informal learning is highly unstructured and unplanned. Informal learning occurs externally from the predictable learning context (Eraut, 2004) . It is self-reliant and there is no actual objectives and informal learning occurs obviously. There is no specific place, time for happening informal learning and it can happen any time anywhere (Folkestad, 2006) . Figure 1- Formal Vs. Informal Learning (Source: Learn Upon Blog, 2021) Pros and Cons of Informal Learning Informal le...
Agreeing with your conclusion. both compensation are most important to motivate/attract employees. Interesting that you are discussing useful points with clearly.
ReplyDeleteBy developing a fair compensation structure in organizations I believe that the retention of talented employees will be higher.
ReplyDeleteYou have selected good topics and you have explained concepts simply but thoroughly. Good effort. Thank you for sharing.
Yes ..for more example Direct and Indirect Tips Indirect tips occur when an employee receives and holds tips and then reports them to an employer, who includes them in gross pay for tax purposes. Tipping is not included in Net Pay because the employee already has a tip.
DeleteDepending on your definition, compensation can be understood as the total amount of monetary and non-monetary compensation provided to an individual in exchange for work. smart effort. Thank you for sharing.
ReplyDeleteYes, Indirect benefits are profits that are not directly observable but still realised as opposed to direct benefits such as downsizing or increasing sales that are easier to quantify.
DeleteCompensation plays a huge role for every employee in any organization. To be honest, people work for business organizations to earn money while involving to make profitability to the organization. The article gives a proper picture about how this is important on every side.
ReplyDeleteGood explanations.
Yes Asitha, Large employers understand that retaining quality employees requires consistent compensation and an attractive benefits package. Compensation refers to salary, bonus, salary and commission structure. Most quality employees know their worth and are not willing to earn less, especially when competitors are ready to exploit their potential.
DeleteHi Kamal, Today, companies offer more direct compensation and less indirect compensation more and more because they have more power to retain good, competent and capable employees in the organization. mine. For example, HP is a world famous brand. They even believe that direct compensation will attract newcomers compared to indirect compensation.
ReplyDeleteYes Vishwa, Direct compensation and indirect compensation are two basic elements of an organisation's compensation program designed to compensate and provide benefits to workers. Direct compensation refers to cash or cash benefits provided to employees at periodic intervals. The performance of employees in their jobs is important in this form of compensation. On the other hand, indirect compensation is the type of non-monetary benefit provided by the organisation in the form of services and benefits to its employees. All employees are eligible for these types of compensation, as performance is not involved in this type of compensation plan.
Deletebenefits and rewards important to keep team motivated . Good topic
ReplyDeleteEffective compensation management benefits both employers and employees. Employees who receive a commensurate base salary, generous benefits, and incentives in return for their work are more likely to stay on the job, maintain high morale and performance. Effective compensation management drives employee engagement and thus leads to business success.
DeleteCompensation is one of Key factor in any organization. Organization’s responsibility to explain the compensation plan to all candidates and employees. Compensation Method has to provide during hiring process. Also it is important to salary reviews and performance. You have shared direct & indirect process how can apply. Thanks for sharing.
ReplyDeleteYes Shanaka, Compensation management is the process of managing, analysing and determining the salary, incentives and benefits that each employee receives. Compensation Officers aim to attract, retain and engage employees by offering generous and competitive compensation plans within the company's budget.
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