Remuneration

Remuneration defines compensation or reward that is given for a particular task or service. It usually describes monetary payment or related entitlement that is paid by employers in return for work of employees. Remuneration can be in form of sustenance, accommodation, airfare, or medical insurance service as well. For large companies like Virgin Blue, they keep themselves apprised of the latest developments, policies and trends to remuneration matters which affect the markets in which the group does business. While that non-monetary remuneration includes anything like free parking, legal advice or flexible working hours.

In architectural terms, remuneration includes any payment made under a contract for services. Protection of minimum remuneration enables the pursuit of economic efficiency and better service quality, furthermore it becomes an incentive to provide high quality services and deprives the trading counterparts of the power to request for better architectural design. Planning and remuneration connects in the sense that for a project to run smoothly, associates need to be told of their reward according to what they have done in a contractual project. Without these disputes may arise when the end reward does not equal to what was contracted. Besides having to provide remuneration incentives, there should also be equity of remuneration because unequal rewards would contribute to disputes as well. People need to feel that a knowledge marketplace is not only fulfilling the organization’s goals, it is fulfilling theirs. They need to feel that their reward from collaborating on teams and projects, which may be run from the other side of the world, is equitable and aligned with their contribution.

In this course remuneration is paid in non-monetary form and it relates to the grades and verbal advice that we get for all the work that we have done. Within the group itself remuneration is a form of team responsibility.

REFERENCE

http://www.workplaceinfo.com.au/nocookie/subjects/PayandConditions/remuneration/articles/remuneration.htm

http://www.hrinz.org.nz/Site/HR_Info/glossaries/Glossary_of_HR_terms.aspx