Remuneration

The purpose of this study is to investigate the impact of remuneration on employee motivation. Today, business world is too much competitive. Therefore, all the business organization ensures best employees for getting competitive position. This study mainly focuses on Unilever because it is the biggest multinational corporation of Bangladesh. The researchers evaluate here how remuneration impact on employee’s motivation in the context of Unilever, Bangladesh. Hence, it also identified that which remuneration factor influences the employee’s desire level. This study also evaluates the relationship between remuneration and motivation. The qualitative research method is used for data collections and researchers used secondary sources of data for review in the systematic manner. The researcher also used the case study methods for understanding the unclear situation of Unilever.

The South African Police Service (SAPS) Training College, Paarl is facing challenges to reward, motivate and ensure service delivery at the Academy. In any organisation, employees are working to provide service to both internal and external clients for this it is important to take care of employees because they are interacting with these clients. Thus, a cardinal question is how can organisations retain and motivate employees in order to offer a quality service to their clients? The aim of this study was to determine the influence between rewards, motivation and service quality at the SAPS Training College, Paarl. Semi-structured interviews with 10 managers and supervisors utilizing purposive sampling were conducted. The findings revealed that participants at the Training College, Paarl are motivated by only intrinsic as the morale is slow due to a lack of extrinsic factors with particular emphasis on pay or remuneration. Lack of recognition or perceived favouritism with the SAPS wh...

The article aims at presenting the fundamental relationship between remuneration and productivity of labor factor. This relationship is explored analytically and empirically. It is investigated at the level of the agricultural sector, derived from the microeconomic level, i.e. an agricultural producer. Based on an optimal solution of the income maximisation problem, we derive the determinants of remuneration of the labour factor, i.e. income in agriculture. We explore analytically the improvement of labour productivity. We also take into consideration the issue of the importance of subsidies which can be refered to as the second potential source of agricultural producer's income. The empirical evidence is based on the FADN (Farm Accountancy Data Network) data for 2004-2012 for Member States that joined the European Union in 2004. We examine the statistical relationship between the indicators of developments in the productivity of the labour factor, income and the level of subsidies in selected countries. Keywords: objective function of an agricultural producer, productivity of the labour factor, remuneration of the labour factor;

This qualitative study was conducted to discover the reasons why teachers stay or leave Our Lady of Fatima Academy of Davao, Inc. (OLFAI) after a few years. The researchers gathered data from 15 teachers who are in the beginning of their teaching career and have been working in OLFAI for the past 3 years. The data from the intensive semi-structured interview were then interpreted using thematic analysis. Results revealed that the school administration’s efforts may be classified in terms of workplace atmosphere, physical and mental well-being, remuneration, supervision, and professional development. They provide workshops, team-buildings, and special events in cultivating positive workplace atmosphere, allocate substitutions for sick employees who have to be absent, provide satisfactory salary with exclusive incentives like honorariums and the RVM retirement commission, supervise them through observations, and enhance their professional capabilities through in-school and out-school seminars. Moreover, the motivations of teachers primarily revolve on the environment of the workplace, particularly in terms of its management, the presence of appreciation among co-workers and administrators, and the distribution of workloads. Furthermore, it was also discovered that they have used the private schools as training grounds to gain work experience.
Keywords: teachers, private schools, school administration, motivation, retention

Remuneration is key to any economic sustenance both to the governments and individuals thus a means to economic growth and development for a state. This study seeks to contribute to the many ongoing debates on remuneration policies and inequalities resulting from such and make recommendations for mitigations realizing their link to labour wars. When world leaders adopted the Millennium Declaration in 2000, they pledged to create a more equitable world. Yet in many countries, the ladder of opportunity has become much harder to climb. Recognizing that there exists in Kenya huge disparities in the remuneration of public workers since independence; this has led to frequent industrial wars between the workers' unions and the government. Even though the highest paid worker and the lowest paid worker need to portray some equity in public service if the economy has to experience a robust growth and development. This has become hard to achieve in Kenya as in many economies of developing world. This study sought to; 1. Find out the origins of inequalities in public service remunerations' in Kenya, 2. Assess the effectiveness of public service remunerations' policy in Kenya, and 3. Examine the relationship between public service remunerations' policy and inequalities and labour wars in Kenya. In actualizing the article, the authors used extensively written work by other scholars while relying on relevant international and Kenya's policy instruments. In the final analysis, the paper finds that there is necessity for quality interventions unlike what has been witnessed in the Public service compensation in Kenya.

This paper focuses on establishing the relationship between the level of remuneration and turnover intentions of public secondary school teachers in Meru County. The study used a descriptive survey design with both quantitative and qualitative approaches in data collection and analysis. A total of 518 respondents were involved in the study which included secondary school teachers (503) and principals (15). The level of remuneration was examined to determine their relationships with the dependent variable, turnover intentions. Data obtained from questionnaires were analyzed quantitatively using SPSS version 21. Hypothesis was tested using Pearson product-moment correlation coefficient and Chi-square goodness of fit at 95%, p<0.05. The result from product-moment correlation indicated that the independent variable, level of remuneration (r=-387, p<0.001), has a negative and an inverse relationship with the dependent variable, turnover intention. Chi-square analysis corroborated the results of Pearson correlation by showing a significant relationship between the level of remuneration and turnover intentions of secondary school teachers in Meru County. The results conclude that teachers' motivation in secondary schools in Meru County is low. Schools are also staffed with teachers with poor morale and low levels of commitment to their jobs due to inadequate and low remuneration. This has led to high turnover intentions. The study recommends that the Teachers Service Commission should consider issues of remuneration especially enhancing the current allowances and introducing new ones in motivating and reducing turnover intentions. Hence, this will lead to increased retention in teaching service.

Die vorliegende Arbeit beschäftigt sich mit dem Zusammenhang der Vorstandsvergütung zu der Unternehmensleistung, gemessen an der Veränderung des Unternehmenswerts, im Kontext der Prinzipal-Agenten- und der Managerialismustheorie. Auch ein Einfluss des Aufsichtsrates auf die Höhe der Vergütung wird näher betrachtet. Die Untersuchungen zeigen zunächst eine Steigerung des Grundgehalts eines Vorstandes, wenn sich der Unternehmenswert im Vorjahr positiv entwickelt hat. Dies lässt darauf schließen, dass die Entwicklung des Unternehmenswerts ein Kriterium bei Gehaltsverhandlungen darstellt. Untersuchungen, die die Leistungsabhängigkeit der Vergütung diskriminiert nach der Entwicklung der Unternehmensleistung betrachten, konnten keine eindeutigen Ergebnisse liefern. So konnte nicht festgestellt werden, dass die Erfolgsabhängigkeit von der Vergütung mit der erbrachten Leistung in Verbindung steht. Auch die Untersuchung der Eigenschaften des Aufsichtsrates in Bezug auf die Vorstandsvergütung ergab ambivalenteErgebnisse. So konnte die Annahme, eine hohe Verhandlungsmacht des Aufsichtsrates führe zu einer niedrigeren Vergütung, nicht final bestätigt werden. Jedoch zeigt sich, dass die Vergütung der Vorstandsmitglieder niedriger angesetzt wird, wenn der Aufsichtsratsvorsitzende Teil des Vorstandes ist.

This paper presents the occasion for organizations to investigate the need to transition towards a team-based approach of employee recognition. A theoretical framework of employee recognition is presented. Employee recognition is largely recognized as a managerial practice, and have been in practice in terms of individual-based recognition within organizations. Many organizations are looking for a way forward to approach this matter in a strategic manner, and understand the implications of team-based recognition on employees and the organization itself. Employee recognition has placed major impact on work performance, team effectiveness and organizational success. The paper explores motivational theories linked to employee recognition and elaborates on the effective utilization of recognition programs. Subsequently, the impact of employee recognition on employees are reviewed. The consequences and implications of team-based employee recognition are further evaluated. The paper is a qualitative study based on utilizing secondary data and presents a conceptual paper. The
current study has reviewed various literature on remuneration, compensation, employee recognition, motivation and teamwork.
This paper further suggests that organizations needs to be cognizant of the implications and consequences of team-based
recognition on employees, work outcomes and employee behaviour.

The purpose of this study is to investigate the impact of remuneration on employee motivation. Today, business world is too much competitive. Therefore, all the business organization ensures best employees for getting competitive position. This study mainly focuses on Unilever because it is the biggest multinational corporation of Bangladesh. The researchers evaluate here how remuneration impact on employee's motivation in the context of Unilever, Bangladesh. Hence, it also identified that which remuneration factor influences the employee's desire level. This study also evaluates the relationship between remuneration and motivation. The qualitative research method is used for data collections and researchers used secondary sources of data for review in the systematic manner. The researcher also used the case study methods for understanding the unclear situation of Unilever.

Orientation: Previous research suggests that different generations have different reward preferences based on differences in values, frames of reference and life goals. Research purpose: The focus of this study was to determine whether different generations prefer different rewards in the Information and Communication Technology (ICT) industry in South Africa. Motivation for the study: The rationale for this study was to obtain a better understanding of the reward preferences of Veterans, Baby Boomers, Generation X and Generation Y in the ICT industry. Research design, approach and method: The research was a quantitative, cross-sectional, correlational design. Participants from two ICT companies completed a structured electronic survey. One hundred and sixty four valid responses were received. A Cronbach's alpha of 0.821 indicates that the survey was reliable. Main findings: Contrary to previous research, the results show that generations do not display different reward preferences. Practical/managerial implications: It would be more beneficial to use individual interrelationship factors to develop a reward strategy than generations. Contribution/value-add: The research has added insight and value to reward preferences for generations in the ICT sector.

This study was conducted in 2012 and replicates Bussin and Huysamen's (2004) work, conducted in 2003, on remuneration policies. It investigates the factors driving remuneration policy in South Africa and determines whether these factors have changed since 2003. Anonymous e-mail questionnaires were received from 131 senior company representatives. All participating companies were members of the South African Reward Association (SARA) or clients of a large remuneration consulting firm. Data were analysed using a chi-squared test and factor analysis. Results support Bussin and Huysamen's study, which found that the two main drivers of change in policy were the retention of talented staff and the financial results of the organisation. However, three components of remuneration are receiving greater prominence than they did in 2003: governance in the organisation, merit pay and retention strategies. These findings suggest a greater shareholder expectation that pay should be linked to performance, and that pay acts as a retention strategy for critical staff.

Orientation: Return on the investment in variable pay programmes remains controversial because their cost versus contribution cannot be empirically justified. Research purpose: This study validates the findings of the model developed by De Swardt on the factors related to successful variable pay programmes. Motivation for the study: Many organisations blindly implement variable pay programmes without any means to assess the impact these programmes have on the company's performance. This study was necessary to validate the findings of an existing instrument that validates the contribution of variable pay schemes. Research design, approach and method: The study was conducted using quantitative research. A total of 300 completed questionnaires from a non-purposive sample of 3000 participants in schemes across all South African industries were returned and analysed. Main findings: Using exploratory and confirmatory factor analysis, it was found that the validation instrument developed by De Swardt is still largely valid in evaluating variable pay schemes. The differences between the study and the model were reported. Practical/managerial implications: The study confirmed the robustness of an existing model that enables practitioners to empirically validate the use of variable pay plans. This model assists in the design and implementation of variable pay programmes that meet critical success factors. Contribution/value-add: The study contributed to the development of a measurement instrument that will assess whether a variable pay plan contributes to an organisation's success.

The purpose of the study was to assess the effect of remuneration and promotion on Job satisfaction among non-teaching staff in secondary schools. The theoretical framework was based on Hertzberg's Two Factor Theory and McGregor Theory X and Theory Y on motivational theories. The research adopted an explanatory research design. The targeted population comprised of 408 non-teaching staff in public secondary schools in Keiyo South Sub-County, Elgeyo Marakwet County. Stratified random sampling technique was used to select 202 non-teaching staff drawn from 35 high schools. Data were collected using questionnaires. Multiple regressions were used to test hypotheses. Quantitative data gathered in the study were analyzed using descriptive and inferential statistical techniques which were frequencies means, percentages, distributions, and standard deviations. The findings from the study indicated remuneration had a significant and positive effect on job satisfaction, while promotions had an insignificant impact on job satisfaction. Thus, the study concluded that remuneration is important determinants of non-teaching staff job satisfaction in secondary schools. There is, therefore, need to ensure that employees are fairly remunerated and paid by the national government like other civil servants. Employees' qualifications together with experience need to be commensurate to their pay at all levels of the organization to enhance job satisfaction.

ENG SUMMARY (text práce v slovenčine)

The substantial/transcendent transformation, the main focus of our research, represents a universal anthropologically and narratively fixed phenomenon, emerging from the oldest times of human development and culture. It is primarily connected with the magical-mythological thinking of man: it takes place in supernatural (sacred, magical) circumstances both in the current world and in the fictional world of arch-narratives. It follows the ontogenetic/phylogenetic transformations of human body reciprocally conditioned by the so-called needs (Maslow).
In the contemporary world, the biological-physical and psychological-cognitive development of man has long been marked by the rituals of transition, especially the ritual of initiation (Gennep, Turner, Eliade, Campbell, Propp), or the process of individualization (Jung). The thematic algorithm of substantial/transcendent transformation depicted in arch-narratives (original state → act of transformation → new state) strikingly copies the scheme of the socially and individually significant initiation ceremony (separation from the old way of existence → the phase of liminarity → acceptance/entry into a new way of existence). In the religious-magical and mythological-folktale contexts, the rituals of initiation overlap significantly with the notions of death and afterlife. The phase of liminarity (of the boundary), which represents an essential and irreplaceable part of the initiation ceremony, is likened to the state of death, the stay in the underworld or the mother’s womb (metaphorically, the mother’s womb as the “grave of mother earth”). The initiate’s undergoing of painful, often life-threatening trials in the liminary phase of the ceremony is closely connected with the symbolic killing of his previous existence and identity and the subsequent transition to a new state of being, i.e. the re-birth. The very act of transformation, iconized in arch-narratives as a mystery, can be similarly grasped in the semiotic manner: the magical transformation of the protagonist’s physical or spiritual identity is a symbolic, but often literal depiction of the act of protagonist’s death and the subsequent rebirth, i.e. the revival which is often marked by the final wedding of the hero. The ideologeme of death and rebirth thus represents the thematic core, establishing the motif of the arch-narrative thematizing the substantial/transcendent transformation.
In the presented monograph, we have focused specifically on two models of protagonist transformation, which can be part or the result of the protagonist’s reward or a deserved and undeserved punishment. Based on selected models of transformations, the opposition good vs. evil is strongly present, conditioned by the (religious) tradition, and represents the constitutive antithesis of the intra-textual and extra-textual construction of the fictional worlds of the arch-narratives. The function of transformation, and the closely related newly acquired form (identity) of the character, derives from its previous action in the relevant story of the selected narrative. The protagonists’ progress and regression, i.e. the transition (transformation) from one state of existence to another, is a form of explicit or implicit expression (in the metaphorical code of the arch-narratives) of the natural need of man to satisfactorily fulfil his/her needs. It also iconizes the feelings of stress, fear and anxiety from their non-fulfilment or threat - these are most clearly manifested in the theme of an undeserved/unjust transformation.
The motif of the rewarding transformation can be described as a motivic complex tightly bound by intra-textual and extra-textual relations. From the point of view of the logical-causal sequence of narration, the motif of the protagonist’s rewarding transformation consists of the following plot, which presupposes the existence of schematically recurring functions of acting characters - the antagonist, the hero and the executor. In the exposition, the narrator introduces the recipient to the story and clearly defines good characters (the hero) and bad characters (the antagonist). There is a collision - the antagonist, through his actions, causes harm to the hero, or creates a deficiency that afflicts the hero. Imbalance occurs in the narrative world. The hero undergoes life-threatening trials, suffers the adversity of fate, etc., until he finally defeats the antagonist and eliminates the initial shortcoming. At the end of the story, an executor enters the story and rewards the hero and punishes the malicious action of the antagonist. The essence of the rewarding transformation always resides in a certain form of existential physical or spiritual progress (e.g. deification of a human being, lifting of the curse, gaining respect of the community). On the contrary, the essence of punishing transformation is always a form of existential regression. The punishing transformation iconizes the decline of a man into an ontologically worse or a lower level of being (a person changes into an animal, loses his life in prosperity and falls into poverty, fall into the disfavour of the community, etc.).
In arch-narratives, just punishment reflects the religious, moral, and judicial system of the society. It is a motivic complex in which the characters schematically hold four functions: the legislator, the culprit, the harmed character, the executor. The motive of the deserved punishment/transformation has the following invariant storyline in terms of its content and logic: in the introduction, the legislator frames the relevant narrative universe with ethical and religious prohibitions/orders (i.e. sets the standard for what we can consider “good” and “bad”), the culprit violates the set premises and thus harms one of the acting characters (the harmed character). In order to restore the validity of the established laws/orders, the executor enters the action in the end, and justly punishes the culprit by taking away his human form and transforming him into the deserved form of an animal, plant, mineral, etc.
The motive of undeserved punishment/transformation is not interconnected by such strong intra-textual links at the structural level as the motive of just punishment/transformation. The basic intra-textual logical laws often do not apply in it (for example, the recipient does not know why the hero was undeservedly transformed into an inhuman, usually animal form). Despite the weakened intra-textual structure, we noted a schematic relational interaction between the functions of the aggressor, victim and the rescuer in the motive of undeserved punishment/transformation. The motive of unjust punishment develops the following invariant storyline: the aggressor undeservedly punishes his victim by transforming him into an inhuman (most often animal) form. The rescuer frees the victim from the curse and gives him back the human appearance. The motive of unjust punishment/transformation is closely connected with the invariant plotlines of individual stories indexed in the Aarne-Thompson-Uther (ATU) Index of folktale types. In the presented monograph, we chose two motifs for an interpretative analysis: ATU 403 The White Bride and the Black One and ATU 425B The Disenchanted Husband: the Witchʼs Tasks, which iconizes the motive of undeserved punishment in a different way.

This study aimed to determine what the current practice is with regard to short-term incentive schemes for middle managers. This was done by means of a quantitative study through a structured research survey completed by a sample of forty-eight organisations. The design elements, performance measures and payout practices of the various schemes in use were surveyed, as well as the participants’ view on the perceived effectiveness of their short-term incentive schemes. Evidence shows that the majority of organisations have a short-term incentive scheme in place for middle managers, and that the type of scheme used in most of the organisations is a performance-related bonus scheme, introduced mainly to drive business performance and reward superior performance.

With globalization, intellectual property has become one of the more profitable activities, leading to increasing of competition and elevating standard quality of intellectual goods. For such purposes, business enterprises started to hire inventors, thus leading to most of inventions being created under employment relationship. Although as frequent as it is, it cannot be said that it is regulated with consistence. If the comparison is made between Member States of the European Union, it can be concluded that there are plenty of different solutions on domestic level. Considering all discrepancies, the European Union does not have an easy task before itself when it comes to harmonization of this issue. In order to fully grasp the passive stance the European Union has taken on this issue, the author firstly reflected on the sources of law of patent protection in the EU and the lack of harmonization regarding basic principles on this matter. Later on, the author proceeded to analyze how this issue would be interpreted from the aspect of private international law. In the end, the author suggested some measures the EU can take. Here, the author also presented dilemmas that await the European Union on path of harmonization.

Many elements of the remuneration system of public service has been modified since the change of regime in 1989; various development plans were elaborated to attempt modernization and to make the system more suitable for the continuously changing needs. However, no radical transformation has taken place. Only few elements of the remuneration system have been modernized with varying efficiency, thus the current systems in public service (public administration, national defence and law enforcement) are not coherent and not able to satisfy the needs neither of the employers nor that of the employees. That is why reconsideration is highly recommended.
This study compares the three different remuneration systems and examines the ways how these try to keep up with the requirements of the labour market of the 21st century; what kind of developments are being accomplished to ensure competitiveness, where these developments lead to and whether they are appropriate to solve problematic aspects of the current era.

Regulators and HR practitioners who call for culture change to prevent behaviours that led to the last financial crash may be barking up the wrong tree. The evidence of a five year investigation suggests attempts to change corporate cultures can be counter-productive and are not necessary when there are quicker and easier ways of changing behaviour, preventing undesirable conduct and ensuring compliance.

Calls for general and fundamental change of structure, culture or procedures should trigger alarm bells. Continuity can be as important as change, particularly continuity of relationships and consistency of experience that meets customer expectations and requirements. Changes can create new opportunities for fraud, theft, hacking and other abuses. Uncertainty during a period of transformation, or while changes are bedding in, can create new loopholes and vulnerabilities.

Customers, employees, business partners, suppliers and investors often represent a diversity of cultures, religions, values and nationalities. A variety of perspectives can spur creativity. General culture change is often advocated where there are affordable ways of quickly changing behaviour and achieving other aims with existing people and cultures. Fraud and other abuses usually result from technical loopholes and vulnerabilities rather than deficiencies of general attitudes and values.

Many general corporate culture change programmes and associated training may be unnecessary if their purpose is to quickly alter specific behaviours in particular areas. Organisations may need to embrace a diversity of cultures and encourage a variety of approaches and behaviours across different functions and business units. Performance support which integrates learning and working can be a cost-effective way of changing behaviour, ensuring compliance, enabling innovation and remaining current and competitive, and delivering multiple objectives without requiring a change of personnel, culture or structure.

Many HR practitioners need to question whether they are helping or hindering. Investigations of what high performers do differently reveal large and measurable differences in performance among people trained, rewarded and compensated the same way. The variability of performance across members of key work-groups raises questions concerning the relevance and contribution of many training, reward and other HR policies and practices. Wide differences are explained by how many critical success factors are in place. The extent to which the job, task or activity is done in a winning or losing way determines outcomes.

Training, reward or compensation do not appear differentiators in sectors in which the policies and practices of competing companies seem largely the same. For key jobs such as bidding for business, building key account relationships, pricing, purchasing, or creating and/or exploiting know-how, the approaches of winners - or those in the top quartile of achievement - are very different from those of losers in the bottom quartile of attainment. Evidence from reports that have examined critical success factors for key jobs suggests that however much people are paid, whatever their culture and however motivated and engaged they are, if they approach a task or activity in a losing way they are likely to fail. Increasing motivation or remuneration in the hope of a better result while people's approaches and the support they receive remains unchanged could be wasteful.

Reward and compensation policies and practices also contribute to mis-selling and other abuses. The prospect of commission payments can bias views, distort judgements, encourage risky behaviour and result in a flouting of rules. There are other expensive practices and naïve behaviours, such as a policy of paying above average or in the top quartile to attract better people and then complaining about the cost of talent wars. Reward, compensation and other policies may have much less impact than those who champion them and/or have a vested interest in them claim.

Many companies pursue policies that are general, time consuming and disruptive when quicker, cheaper and more affordable options exist. In relation to training, reward and other HR policies and practices a ratchet effect may be in operation. The wrong policies may have a negative impact on behaviour, while many expensive approaches deliver little in the way of positive benefits in relation to other and better ways of improving performance. Too often those in roles that are neither visible nor a source of competitive advantage or differentiation benefit the most from general remuneration policies. The focus should switch to supporting key work-groups.

The purpose of the study was to establish the drivers of wage demands by public sector unions in a low-inflation and recessionary environment in South Africa. The study therefore sought to explore the experiences, views and perceptions of employee representatives on the wage bargaining councils. The objectives, as derived from the overall aim of the research, were to determine the factors that influence the wage demands, to establish the extent to which wage demands are linked to economic conditions and organisational goals, and to highlight the methods that are required to address the wage gap. It is hoped that it will contribute to the ongoing debate between the employer and trade unions regarding wage bargaining behaviour. The study is qualitative in nature and a modern qualitative approach, in which personal interview techniques were applied, was utilised. The findings revealed that trade unions utilise various methods to determine their wage bargaining behaviour, and that their involvement in the budgeting and objective setting process is of paramount importance. Public sector trade unions are key role players in the wage determination process and the improvement of the working standards and conditions of their members. Their wage bargaining behaviour should therefore be considered in setting organisational objectives. The research adds to the body of knowledge on the drivers of wage demands in the public sector.

For business organizations to survive in the face of stiff competition, hostilities in operations and global meltdown, they must attract and retain people who are able and willing to perform and even go beyond what is required. This study examined the effect of job commitment on productivity among lower cadre employees in Lagos state Nigeria The study adopted a survey research design. The Organizational Commitment Questionnaire (ORQ) was adopted in this study. Two hundred and sixty three junior workers were randomly selected. The male participants were 159 (60%) and 104 (40%) were females. Their ages range from 21-42years with the mean of 32.6years.168 (64%) participants had spent above 3 years and 95(36%) had spent less than 6 years. Two hypotheses were raised and tested. The findings revealed a significant contribution of remuneration package in predicting workers' productivity and a significant relationship between remuneration packages and workers' morale. It was recommended that management must ensure that employee's remuneration package is paid as and when due since their job satisfaction is very much related to enhanced productivity. It was concluded that remuneration systems are very crucial in today's organization. The type of system will determine the caliber of staff and the retention ability of an organization. Introduction Creating a work environment in which employees are productive is essential to increased productivity and profits. Employees do work in anticipation of commensuration return by way of pecuniary payment or wages Pay brings out the hard work in human element and self-worth among employees. The goals of remuneration are to design the lowest cost pay structure that will attract, motivate and retain competent workers. Remuneration is what workers receive in exchange for their contribution to the organization. The consequences of poor remuneration may detract from the objective of enhancing organizational productivity and suggest a decline in the quality of work life. Good remuneration package contribute to the realization of organizations strategic objectives. In severe cases, pay issues may increase grievances, lead to absenteeism and cause workers to quit. One of the most important, complex and problematic elements in managing human resources towards realization of organization objective is remuneration packages. Scarcely has any matter led to strained labour and management relations or led to strike action much more than wage related issues whether in private or public sector undertaking. It is even more nowadays when there is a close race between one " s expenditures and the pay packet due to the devastating state of economy and inflationary trends in a developing economy like Nigeria. It is therefore proper to say that remuneration package is a matter that is closest to the heart of every employee as well as employer. Typically, wages, salaries and related costs occupy a vital position, may make up to about 60% of the total costs of running a major business. Paradoxically most organizations are formed primarily to achieve some predetermined objectives such as profit maximization, sales maximization, meeting customer " s requirements, be a market leader, maintenance of financial control market shares and liquidity among others for it to remain on operation. These they do neglecting the human capital that structures and drive the much desired organizational goals achievement. They take for granted employees as against the desired responsibility and goals of the organization. .This practice does not instill a sense of loyalty and satisfaction among the productive workers leading to poor performance. Thus, the thrust of the paper is to fine out the influence of remuneration on the productivity and morale of the workforce in Nigeria particularly among the low cadre workers in the port. It is also aimed at providing recommendations for the designing of effective remuneration strategies for workers in case study organization and various other organizations. Review of Related Literature Over the past decade and half, the reward system of employees has grown so complex that is impossible to have a straight jacket procedure. There have been many radical reforms in the remuneration system in both public and private sectors. The emphasis has moved from relatively inflexible salary structure to the increasing use of performance related reward systems which are fashioned more precisely to individual organizational needs.

It is widely recognized that in the management of employee pay, there is a definite divide between government and the private sector. The immediate question comes to mind: “How is performance-related pay working in government?” A closer look provides insight on the kind of challenges governments are facing in getting this process working. It is obvious that they need to, as this pay philosophy is not working as it should or could. A proper analysis of the current scenario would pave the way to a much improved performance-related pay structure in government as a whole. It is clear that the link to performance management is of critical importance. Should governments and the private sector alike not start to learn from each other, instead of adopting the “we are better and different than you philosophy?” It is all one economy in each country with two major role players, of which government is a significant stakeholder. It is hoped that this article will assist senior government officials in establishing that closer link between performance and pay.

The topic of executive pay-performance sensitivity has resulted in mixed research findings. Literature related to executive remuneration constructs, company performance measures and the underlying theories is critically reviewed in this article. The literature is compared to research findings within the South African context pre, during and post the Global Financial Crisis of 2008. The researcher found similar results in the South African context compared to research in other countries and industries. The research challenges the notion that there is one dominant theory driving CEO compensation. The principal-agent theory, supported by the optimal contract theory, are foremost during periods of strong economic performance, while the influence of managerial power and other behavioural theories appear to prevail during periods of weak economic performance. This article proposes some critical considerations in order to manage this tension.

Investigation suggests reward and compensation policies may be doing more harm than good

Evidence presented at HR summit suggests a downside but little upside.

Reward and remuneration policies may be doing more harm than good. According to Prof. Colin Coulson-Thomas boards need to question whether they are helping or hindering. Speaking at a summit for HR practitioners in Istanbul the author of Winning Companies; Winning People pointed out that his investigations of what high performers do differently reveal large and measurable differences in performance among people rewarded and compensated the same way.

Coulson-Thomas explains: “The variability of performance across the members of key work-groups raises serious questions concerning the relevance and contribution of many reward and compensation policies and practices. Wide differences in performance are explained by how many critical success factors are in place. The extent to which the job, task or activity is done in a winning or losing way determines outcomes. How people are paid does not seem a key influencing factor.”

The professor continues: “Neither is reward and compensation a differentiator in the many sectors in which the policies and practices of competing companies seem largely the same. For key jobs such as bidding for business, building key account relationships, pricing, purchasing, or creating and/or exploiting know-how the approaches of winners - or those in the top quartile of achievement - are very different from those of losers in the bottom quartile of achievement.”

A succession of reports produced by teams that Coulson-Thomas has led have examined critical success factors for key jobs. He finds “the evidence suggests that however much you are paid and however motivated and engaged you are, if you approach a task or activity in a losing way you are likely to fail. Increasing remuneration in the hope of a better result while people's approaches and the support they receive remains unchanged is like pouring money down the drain.”

The professor believes “Reward and compensation policies and practices also contribute to mis-selling and other abuses. The prospect of high commission payments can bias one's views, distort judgements, encourage risky behaviour and result in a flouting of rules. There are other expensive practices and naïve behaviours, such as a policy of paying above average or in the top quartile to attract better people and then complaining about the cost of talent wars.”

The professor's research also suggests “Reward, compensation and a range of other policies that most companies pursue may have much less impact than those who champion them and/or who have a vested interest in them claim. Too many companies are pursuing policies that are general, time consuming and disruptive when quicker, cheaper and more affordable options exist”.

Coulson-Thomas shared findings from his recent reports which show how an alternative approach such as providing support that enables average performers to emulate the approaches of their more successful peers can have a quick, significant and measurable impact and deliver multiple benefits for both people and organisations, including large returns on investment within a few months.

According to Coulson-Thomas: “Putting the focus upon performance support and helping key work groups has other advantages. When done the right way people learn with each use and challenge they face, becoming more competent and confident by the day. Incorporating social networking can increase the speed of informed responses and work with the grain in relation to members of generation Z. For young people, receiving relevant help and support 24/7 whenever and wherever required - including when on the move - may have more impact than compensation changes.”

Coulson-Thomas' reports Talent Management 2 and Transforming Knowledge Management found that many talent and knowledge management programmes are not affordable. In uncertain times companies are paying a premium to bring in potential high fliers they may not need. The people recruited may be difficult to manage and costly to induct, train and retain. They may know about things rather than how best to do key jobs, and their special treatment may annoy others.”

Coulson-Thomas also speculates: “A ratchet effect may be in operation, with the wrong reward and compensation policies having a negative impact on behaviour, while many expensive approaches deliver little in the way of positive benefits in relation to other ways of improving performance. Too often walking overheads and those in roles that are neither visible nor a source of competitive advantage or differentiation benefit the most from general remuneration policies.”

The professor called for realism: “Many customers, clients and the public do not care about the expensive, highly qualified and multi-skilled people you employ who may know something about a great many things without excelling at anything in particular. Customers and clients may not worry whether your people excel at team work or not if their problems and/or requirements are being handled by one person. They may just want an affordable, acceptable and quick response.”

He suggests: “Rather than follow the herd and roll out general policies, HR directors and their teams should focus on particular work-groups. When establishing remuneration policies for these key activities they should bear in mind their purpose and importance, the preferences and aspirations of those involved and the impact of other initiatives and policies upon them.”

The professor concluded by calling for a change of direction: “Putting the emphasis upon helping and supporting those in key roles that contribute directly to the achievement of key corporate objectives can have much greater impact. Furthermore one can put better performance support in place and quickly get a range of benefits with existing people and a current structure and culture.”

Colin Coulson-Thomas holds board, public and academic appointments and has helped companies in over 40 countries to improve board and corporate performance. He has authored over 50 books and reports. Prior to joining the University of Greenwich he had professorial roles in Europe, North and South America, the Middle East, India and China. He was educated at the LSE, the London Business School and the Universities of Aston, Chicago and Southern California. A fellow of seven chartered bodies he secured first place prizes in the final examinations of three professions.

The Performance, Compensation and Reward Management Summit was held in Turkey at the Safir Hall at the Istanbul Marriott Hotel Asia. For his opening keynote address Coulson-Thomas summarised findings from his book Winning Companies; Winning People: Making it easy for average performers to adopt winning behaviours and three reports setting out a more affordable route to high performance: Transforming Knowledge Management, Talent Management 2,  and Transforming Public Services. They are available from http://www.policypublications.com.

""This study examines the relationship between remuneration committee
and director remuneration in family firms. The proxies of remuneration
committee are the numbers of committee members and non-family
member on the committee. The family firm proxy is a dummy variable that
is one (1) if the firm is a family firm and zero (0) if it is a non-family firm.
The dependent variable (director remuneration) is measured by fees,
salary, bonuses and benefit of kin. The sample size of this study is 537
firms listed in Bursa, Malaysia with 1611 panel data from 2007 to 2009.
Findings from this study reveal that there is significant positive
relationship between remuneration committee and director remuneration,
which suggests the effectiveness of the remuneration committee role.
However, evidence shows that the remuneration committee is
significantly negative in family firms. Our study suggests that family firm
combine power and control to mitigate effectiveness monitoring by
remuneration committee, which provided an opportunity for them to
expropriation.""

The increase in concentration of institutional shareholdings and the concomitant potential to increase board accountability dominated corporate governance literature during the 1980s and early-­1990s. A new era of accountability was prophesised, but ultimately, failed to occur, and institutional investment gradually faded from the academic spotlight. This paper analyses why a new era of accountability did not occur and argues that institutional activism is once again on the rise.

The contractual relationship between author and intermediary—be it a producer, publisher, or anyone facilitating the commercial exploitation of the author’s copyrighted works—is often viewed as an unequal one. Other than a minority of superstars, the vast majority of authors are forced to accept contractual terms dictated by their powerful counterparties. This outcome is perceived by many scholars and policymakers as undesirable. Thus, in an effort to protect the authors’ wellbeing in their contractual dealings, legislatures from around the world are increasingly keen to adopt regulatory measures that limit the menu of options the parties can adopt contractually. Specifically, these instruments endeavor to offset author’s weak bargaining position either by ensuring a minimum level of remuneration to authors’ ex-ante or providing them with an inalienable right to ask for a modification of the com-sensation stipulated in the contract ex-post or by granting them an inalienable right to...

In an attempt to address the growing gap between chief executive officer (CEO) remuneration and that of the general worker, reign in rising CEO remuneration, and justify the portion of long-term incentive pay that makes up the bulk of CEO remuneration, shareholders and other stakeholders are trying to find definitive factors that will link CEO remuneration to company performance. Finding this link has become central to all executive remuneration issues. The results of the studies linking CEO remuneration to company performance are varied and inconclusive, particularly in South Africa. The reason for this is that previous studies have not looked at whether the company performance measures chosen have definite relationships with CEO remuneration in each industry. This study investigated eleven financial indicators of company performance to determine which of them have significant and positive relationships to CEO remuneration in different industries in South Africa. 254 South African listed companies, spread over 5 industries, were analysed for the period 2008 to 2012 using panel data analysis and statistical tests. The results were conclusive, finding performance metrics that had a positive and significant relationship to CEO remuneration in 4 of the 5 industries investigated, as well as over the aggregate of all the industries.

The compensation and incentive systems of executive directors have been the subject of particular attention by scholars and regulators for their significant implications on an economic and social level. Especially in the aftermath of the Global Financial Crisis of 2007, compensation practices based on short-term profits were accused of having significantly increased the risk-taking that threatened the global financial system. In order to avoid this repercussion , the European Community and Italian regulators issued instruments for encouraging banks to implement remuneration systems complying more with their operational and dimensional characteristics. The last of these rules in the Italian legal framework was the VII Update of " Circolare N° 285 of 17 th De-cember 2013 " which examines the new rules about the remuneration of bankers and executives in the Italian financial sector, and the impact of these rules on the three Italian larger significant banks. Results show that the three Italian banks have not been strongly impacted by these rules. Since 2013, in fact, the remuneration system of the three banking groups examined were characterized by a proper balancing between the fixed and the variable component of remuneration , as well as by a binding (ex-ante and ex-post) adjusting system. Above all, the new rules have affected the number of the " material risk-tak-ers " , which increased in 2015.

EXECUTIVE SUMMARY
This academic paper provides a theoretical analysis of the principal agent theory, describing how
conflicts of interest arise between shareholders and Chief Executive Officers, caused by the separation
of ownership and control.
CEOs receive remuneration to realign their interests to shareholders. However, huge increases in
remuneration questions whether the current system is providing optimal incentive packages, which
maximise shareholder wealth and reduce agency costs. In 1997, FT500 firms the average of CEO shortterm remuneration excluding pension payments averaged £706,000. In 2003 looking at FT30 firms this
figure rose to £1,470,625, however, FT30 firms CEO short-term remuneration in 2006 averaged at an
astonishing £1,937,036. The literature review describes the Optimal Contracting Approach and the
contrasting Managerial Power Approach to incentive contracts.
This paper’s empirical work determines whether the current UK system of setting Chief Executive
Officer Remuneration complies with the Optimal Contracting approach, thus maximising shareholder
wealth and reducing agency costs. Numerous hypothesise are tested on 28 FT30 firms in 2006, to
determine whether the UK distribution of remuneration complies with the Optimal Contracting
Approach.
This paper indicates that the UK system is increasingly operating under conditions of Optimal
Contracting. Within total short-term CEO remuneration (pension, company benefits, basic salary and
annual bonuses), UK firms now use more variable performance related pay elements such as annual
bonuses with a deferred share element, which accords to the theoretical Optimal Contracting Approach
where pay is related to performance. Annual bonuses made up 31% in 2003 and a staggering 45% in
2006 an increase of 14%. This indicates that UK firms issue more performance related pay at the
expense of fixed elements. In 2003, basic pay was 37% of short-term pay, pensions were 26% and
company benefits 7%, however, in 2006, basic salary was 33% of short-term pay, pensions were 17%
and company benefits were 4%.
In support of Optimal Contracting, the incentives used in long-term remuneration, have recently
improved performance target conditions and comparative targets e.g. 25 out of 28 FT30 2006 issued
share grants using Total Shareholder Returns as performance conditions relative to a comparator group
of companies. Additionally, since the introduction of the Combined Code (2003) there have been
increases in the transparency, disclosure and independence of CEO remuneration.
Furthermore, this paper recommends aspects UK's reporting and setting of CEO pay, which need
improvement.

Pakistani doctors (MBBS) are emigrating towards developed countries for professional adjustments. This study aims to highlight causes and consequences of doctors’ brain drain from Pakistan. Primary data was collected from Mayo Hospital, Lahore by interviewing doctors (n=100) through systematic random sampling technique. It found that various socio-economic and political conditions are working as push and pull factors for brain drain of doctors in Pakistan. Majority of doctors (83%) declared poor remunerations and professional infrastructure of health department as push factor of doctors’ brain drain. 81% claimed that continuous instability in political situation and threats of terrorism are responsible for emigration of doctors. 84% respondents considered fewer opportunities of further studies responsible for their emigration. Brain drain of doctors is affecting health sector’s policies / programs, standard doctor-patient ratios and quality of health services badly. Keywords—Brain D...

Relationship between CEO remuneration and company financial performance in the South African retail and consumer goods sector Purpose: This study was motivated by the need to better understand the effects of the global financial crisis in 2008 on the relationship between company financial performance and CEO guaranteed cost to company (CTC). The aim of this study was to understand the relationship between company financial performance using DuPont analysis and CEO guaranteed CTC in the South African retail and consumer goods sector. Design: The research was a quantitative, archival study of companies listed on the Johannesburg Stock Exchange (JSE), measured over a period of six years (2006–2011). The statistical analysis included regression and correlation analysis. Findings: The research found that CEO guaranteed CTC has shown no sensitivity towards company financial performance in terms of DuPont analysis over the six-year period, which included the global financial crises in 2008. Furthermore, a negative relationship existed between the return on equity and the guaranteed CTC of CEOs in the retail and consumer goods sector during this period. Practical implications: The findings suggest that there is misalignment between company strategy and performance and the guaranteed CTC of CEOs. A practical implication would be to have independent and competent remuneration committees ensuring alignment of the interests of a company with those of its leaders in this regard.