Compensation Research Paper

In the US there are more than 180 laws administered by Department of Labour.These laws and regulations that govern them encompass a wide base of 1 Crore Employers and 12.5 Core workers.
COMPENSATION
Compensation refers to the total payment items paid to an employee.It includes monetary and non-monetary benefits.Generally, wages are divided into scheduled wages that include basic pay and allowance and nonscheduled wages includes overtime.There are various types of allowances such as special skill allowance, job-related allowance, attendance allowance, housing allowance, medical allowance.In the US, Apart from Salary and bonus various companies offer legal welfare programs includes health benefits, insurance plans, pension plans, accidental compensation

A laborer's yearly accomplishment objective is chosen through talk with the specialist's senior, and that laborer is assessed in light of the degree by which the goal has been accomplished.In some companies like GE Yokogawa Medical Systems, Inc., base salary is determined by according to the grade of employee.Employees in the same position are treated in an equal manner in terms of the salary paid, regardless of the age and seniority.The employees are evaluated by Management by Objective and Management by Result.Many companies in the US use 360-degree evaluation criteria.In US Bonus are paid based on achievement and mainly paid to managers and white-collar employees.Many companies offer an ownership to the top performing employees by allotting them equity share or options to buy. Compensation for Expatriates is somewhat different in the US.Working abroad for the US citizens is not as rosy as in other countries, this is because of the regulation of US Income Tax

Another Fundamental Objective of US companies is the developmental focus that is how employees can enhance their performance in future and achieve the desired objectives.In US people are differentiated on the basis of their job performance while in Taiwanese and Japanese companies the more emphasis is on harmony and group, teamwork and seniority.This is the reason they are less likely to differentiate employees based on the level of performance.
Another Important objective of performance appraisal is that In US employees do not discuss their personal needs with their supervisors.Performance appraisal meeting gives them a chance to discuss and have word with their supervisors.The scenario is Japanese and Asian countries is completely different, In those countries, there is more emphasis on face to face communication.