Compensation and Benefits - Financial Reward System Term Paper

Compensation and Benefits - Financial Reward System - Term Paper Example This research will begin with the statement that Compensation and Benefits in financial reward system are very important for organizations because it helps in the systematic organization of tasks and human resources with the purpose of attaining sustainable growth of the organization. Employees’ performance and motivation are depended on the financial as well as non-financial rewards provided by the organization and thus it can be stated as one of the important factors to boost the performance of the employees. An effective financial reward system should consider the organizational structure, its culture along with the need for affiliation by the employees, rewarding employees financially. It should also consider that each person working in the organization receives appropriate financial recognition for their i ­Ã‚ ­ndividual as well as group contributions in the organizational performance. Job evaluation is a system or process in which the contribution of an employee is det ermined with due significance to his/ her position in an organization. A good financial reward system enables the organization’s employees to receive financial recognition for their contribution and job role in the organization and thus can create a positive impact on the workforce. It is worth mentioning that the reward system should be dealt with effectively to have a positive impact on the employees. The output of job evaluation is used in various fields of an organization such as for making remuneration system, human resource management, and for decision making in the payments of different job profiles. The flowchart in the figure represents a theoretical perspective regarding job evaluation. Initially, documentation of position should be performed to view the complete picture of each position in the organization. Determination of remuneration range considering the market competitiveness is another important step in job evaluation process. The performance appraisal system should be well- designed to avoid inequality among the employees. Then a review should be conducted to check the above steps and identify if the goals are achieved within time limits followed by the final determination of the reward system. The job evaluation should be done fairly and there should be no discrimination on the ground of sex or other attributes. There should be equal pay for both male and female. Equal pay for the work of equal value also should be considered in order to maintain sustainability in the organization. Wage survey is a method of collecting information about workers’ remuneration for analysis of existing compensation system which is used to determine the remuneration of employees. Wages are basically paid on daily basis to the workers in any manufacturing or production unit. According to the ‘Fair Labor Standards Act’ of 1939, wages are paid on the basis of hours worked.

Argument shows islamic banking is not only targeting people from Essay

Argument shows islamic banking is not only targeting people from muslim backgrounds or in muslim countires - Essay Example As a result of the strict lending rules, Islamic Banking is gaining popularity among Muslims and non-Muslims globally at a high rate. Although referred to as Islamic Banking, non-Muslims have currently been included in the system. Some observers have defined it as a sophisticated banking and finance structure that takes into consideration moral and social values, highly compatible with the modern financial needs, which make the bank, receive overwhelming support from all people. The incorporation of strict sharia economics and the modern lending economics have been the major contributing factors for non-Muslims’ indulgence in the Islamic banking system (Syed, 2012). Previously, Islamic Banking was attractive only to a limited number of Muslims whose main purpose was to avoid interest charged by the conventional banking system. However, the increased support it has received from the rich Gulf Muslim investors has increased its popularity, luring more people into the system. The rising demand for ethical investing and the need for less risky alternatives of investing have pulled more numbers of non-Muslims into the Islamic Banking. Additionally, the Islamic finance sector is yet to develop into a fully-fledged financial sector. Therefore, more people are required to chip in their little share so as to expand the market share. Driven by the vision of offering an alternative banking system to the conventional banking, designers of the Islamic Banking allowed non-Muslims to take part in order to accelerate its growth (Abdullah, 2012). The high potential shown by Islamic Banking has seen the introduction of classes based on the ideals of Islamic Banking system (Khan, 2013). In fact some of these institutions have greatly advocated for Islamic Banking to the extent of recommending it among their students. Harvard for example has set up an Islamic Finance Project since 1994 that is based on