Compensation Management

Elaborate on the Nepalese government regulations of compensation in Nepal based on wages, welfare, and incentive provisions.

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Elaborate on the Nepalese government regulations of compensation in Nepal based on wages, welfare, and incentive provisions.

The Nepalese government has established various laws to ensure fair compensation for workers. These regulations cover wages, welfare provisions, and incentive schemes. Below are the key regulations with their explanations. 1. Wages Regulations 1.1 Minimum Wage The government sets a minimum wage to ensure workers receive fair pay. It is revised periodically based on inflation … Read more

Why is compensation important in the management of human resources? Describe the various components of compensation.

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Why is compensation important in the management of human resources? Describe the various components of compensation.

Compensation is a key element in managing human resources as it directly affects employee motivation, performance, job satisfaction, and retention. A well-structured compensation system ensures that employees feel valued, fairly treated, and motivated to contribute to the organization’s success. Below are the ten key reasons why compensation is important in human resource management, along with … Read more

The role of incentives in employee motivation. How is gain sharing different from profit sharing?

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The role of incentives in employee motivation. How is gain sharing different from profit sharing?The role of incentives in employee motivation. How is gain sharing different from profit sharing?

Role of incentives in employee motivation In today’s competitive work environment, incentives play a crucial role in motivating employees. Incentives are rewards or benefits offered to employees to encourage high performance, commitment, and productivity. They can be monetary, such as bonuses or commissions, or non-monetary, like recognition, flexible working hours, and career development opportunities. By … Read more

Define compensation. Explain the methods of determining employee compensation.

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Define compensation. Explain the methods of determining employee compensation.

Compensation refers to the total payment and benefits employees receive in exchange for their work. It includes salary, wages, bonuses, allowances, and non-monetary benefits like health insurance, retirement plans, and paid leave. Compensation is a key factor in attracting, motivating, and retaining employees while ensuring fairness and compliance with legal standards. Methods of Determining Employee … Read more

What are the various methods of compensations? Show your familiarity with government regulations of compensation in Nepal.

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What are the various methods of compensations? Show your familiarity with government regulations of compensation in Nepal.

Various Methods of Compensations Government Regulations on Compensation in Nepal Labor Act, 2017Sets rules for minimum wages, working hours, overtime pay, and leave entitlements. It also requires written employment contracts. Minimum WageThe government periodically revises the minimum wage to ensure fair compensation; the current minimum monthly wage is around NPR 17,300. Provident Fund (PF)Both employers … Read more

Explain the emerging issues in compensation from Nepalese point of view.

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Explain the emerging issues in compensation from Nepalese point of view.

Compensation refers to the total payment or rewards employees receive in exchange for their work. It includes salary, wages, bonuses, benefits, and other allowances provided by employers. Emerging Issues in Compensation in Nepal: Pay Inequality:There is a big difference in salaries between government and private sector jobs. For example, government employees often get higher pay … Read more

What is compensation management? Discuss the factors that influence determining compensation structure.

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What is compensation management? Discuss the factors that influence determining compensation structure.

Compensation management is a critical function of human resource management that focuses on designing and implementing fair and competitive pay structures and benefits for employees. It ensures that employees are rewarded appropriately for their contributions while aligning with the organization’s financial capabilities and strategic goals. Effective compensation management helps attract, motivate, and retain talented employees, … Read more

What are the major types of retirement benefits programs offered by Nepalese Organization? Explain.

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What are the major types of retirement benefit programs offered by Nepalese organizations? Explain.

In Nepal, organizations offer various retirement benefit programs to ensure financial security for employees after they stop working. These programs are designed to support individuals in their old age or when they can no longer work. Below are the major types of retirement benefit programs commonly offered by Nepalese organizations: 1. Provident Fund (PF) 2. … Read more

COMPENSATION MANAGEMENT BOARD QUESTIONS WITH ANSWER

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COMPENSATION MANAGEMENT BOARD QUESTIONS WITH ANSWER

COMPENSATION MANAGEMENT SECTION A: VERY SHORT ANSWER QUESTIONS [2 MARKS] [2023 Fall Q.No. 8] Explain the meaning of performance-based pay. [2023 Fall Q.No. 7] What are the types of incentive pay plans? [2023 Spring Q.No. 8] What is raiding? [2023 Spring Q.No. 8] Define the concept of gain sharing. [2023 Spring Q.No. 2, 2019 Fall … Read more

Compensation Management 

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Compensation Management 

Compensation Management is the process of managing how employees are paid and rewarded for the work they do. It goes beyond just setting a salary and includes everything an employee receives in return for their efforts, like bonuses, benefits, and other perks. The goal of compensation management is to make sure that employees feel fairly … Read more