Manage Remuneration and Employee Benefits - myassignmenthelp.com

Question: Discuss about theManage Remuneration and Employee Benefits forBonuses. Answer: Remuneration It defines a reward or an amount, which paid to the contractor or employees for working under any organization. It is a form of compensation for employment service. The remuneration can provide according to their hourly wages, fringe benefits and salary benefits. It also includes annual leave, bonuses or incentives, leave without pay, long service leave and share options (Safari et al. 2016). Under the employment remuneration, they get benefits according to the terms and rewards of the organizations. Strategic goals It helps the organization by various concerned structures, which includes: serve the organization with fair purposes always ensure to give good performance The employees will have good opportunities for the best future performance the process not only provide fair salary structure, but it also helps in to describe that the organization is fair for all It helps to achieve the goals of the by obtaining the strategic goals. According to the benefits for the organization, HR always focuses on the tax benefits, which includes Income Tax, Good and Service Tax and Fringe Benefit Tax. Under the Australian taxation system, these tax benefits help in the development of the organisations remuneration strategy. It is necessary to develop on the remuneration polices which helps to achieve a successful management benefits. These should be appropriate with the fair and equitable with the organization (Riaz and Riaz 2016). In the health care industry, the strategies that are applicable in the remuneration process are flexibility, health and wellness. According to the employers choice in the organization, it must concentrate on the ability to the attraction on the high performance. The reputation of the organization is always important along with the environment cultures. It is important to ensure the remuneration policies because it sets the minimum pay rate for the employees, which they get as a reward, registration agreement and other enterprise agreements. The remuneration policies help to pay according to the pay rate, which includes the team meetings, training, working unreasonable trial shifts, opening, and closing the business (Safari et al. 2016). In the strategic plans of incentives, the organization always looks for retain productive employees. Every business always ensure the establishment according to the performance, incentive plans expectations of the behavior of the employees, performance in the given works and loyalty towards the organizations. In the industrial agreement based occupations, it deals with various occupational groups, which includes the managers and administrators, tradespersons and related works, intermediate production and Transport Workers, laborers and related workers and Elementary clerical, sales and service workers. These occupational groups help the organizations to develop their remuneration strategies. The Market Rates defines the actual price or cost of any products, which is fixed or calculated according to the market strategies. It also helps to fix the marketing price, which is operated by the government. For the access in market or salary survey, we can survey in various organizations like any company, bank or shop. The performance management described the development strategies, which helps in the executive performance and comprehensive management. Under the performance management, it always depends on the performances, skills and disciplinary of an employee. It incorporated with the recruitment and selection, training and development, compensations, job design, disciplinary procedures and counseling. In the health care practice, it is necessary that the employees who are involved in such occupation must have an excellent skill in their performance, should have a clear concept about their job role, should have the duties and liabilities towards their job, and the ability to perform according to their job role. Employee minimum entitlements according to organizational policies and legal requirements included that the rate of the minimum payment is sets according to the enterprise agreement or other registered agreement or the national minimum wage. It could be paid according to the working unreasonable trial shifts, in team meetings, training and opening and closing the business. The National Employment Standards has entitled with the 10 minimum employment entitlements, which are the basis rights of the employees. In Australia, the NES and national minimum wage is applicable for the entitlement. Under the entitlements, the included entitlements are annual leave, parental leave, and public holidays and Fair Work Information Statements (Riaz and Riaz 2016). The Salary packages helps to understand about the payment arrangements of the benefits, which are payable and total amount of the remuneration. Under the salary, package the management sets several payment arrangements, which includes fringe benefits, allowances, motor vehicle, salary, superannuation and payroll tax or workers compensation insurance. This is the duty of the HR managers that the remuneration process must not only comply with the organization also helps to operate with minimum standard of the salary packages. The Remuneration system, which set the salary packages, should comply with the organizational policies and legal requirements. The salary packages must included with tax and other superannuation obligations. Incentive describes the economic wage or compensation, which rewarded according to the performance skills in the employments. Incentives always provide to the individual persons who are involved with any organizations. The amount of incentive is set according to the incentive managements structures. It is the aim of the incentives to pay the money and helps to obtain the organizational success. It can provide in different ways, which are moral incentives, remuneration incentive, financial incentives, coercive incentives, natural incentives and intrinsic motivations. In a successful management of any organization, it depends on the productivity of the business and their incentive plans. Incentive plans, which are known as performance incentive plans (PIPs), motivate employees to exceed expectations and grow the business. Such plans promote exceptional behavior during a specific period (Safari et al. 2016). Under the remuneration strategies effectiveness, it processed with the development, investigation and other recommendation stages. Under the implementation stages, it includes the implementation of process with trial group, orientation of key stakeholders those responsible for administration, development of communications strategy, monitor progress, record feedback and opinion on acceptance. This is the duty of the HR managers that the remuneration process must not only comply with the organization also helps to operate with minimum standard of the salary packages. The Remuneration system, which set the salary packages, should comply with the organizational policies and legal requirements. The salary packages must included with tax and other superannuation obligations (Riaz and Riaz 2016). The HR, board authorities, managements and the employees will involve in the remuneration process. Reference Dean, P.J. ed., 2015. Australia 1944-45: Victory in the Pacific. Cambridge University Press. Goodman-Delahunty, J., Brewer, N., Clough, J., Horan, J., Ogloff, J.R., Tait, D. and Pratley, J., 2014. Practices, policies and procedures that influence juror satisfaction in Australia. Riaz, Z. and Riaz, Z., 2016. A hybrid of state regulation and self-regulation for remuneration governance in Australia. Corporate Governance, 16(3), pp.539-563. Safari, M., Cooper, B.J. and Dellaportas, S., 2016. The influence of remuneration structures on financial reporting quality: evidence from Australia. Australian Accounting Review, 26(1), pp.66-75.