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An Expert Talk on “Drafting of salary structure

29-12-2020

The department of HR at ISM Patna, on 29th of Dec, 2020 had scheduled an expert talk under the expert talk series for its students and faculty. The topic for the same was “DRAFTING OF SALARY STRUCTURE” and our prominent speaker was Mr. Anil Das who is the founder and managing director at HR India Solutions. The expert talk was hosted and moderated by Dr. Sweta (HODHR dept.) as she started with an exuberant note of introduction and welcoming the expert speaker Mr. Anil Das and the participants, she further acquainted everyone with briefing the expert speaker Mr. Anil Das profile and his outbound experiences of twenty years altogether. As the session started by our expert speaker which was induced with an informative PPT on the topic “DRAFTING OF SALARY STRUCTURE “where he discussed a comprehensive overview of the main agenda related to the organizational and employee productivity the shared views includes that an organization pays salary to its workforce in lieu of the services rendered. Here, the compensation that is offered comprises of several components, including basic salary, perquisites, allowance, and the likes. Salary structure refers to every detail of the offered compensation, along with the minute break-up of every component of the compensation. He made the topic easy to understand through lucid language and also made students aware about the current changes introduced in the salary structure, including tax exemptions that the employee intends on claiming. Later in the talk he explained how students should be aware about the different components and benefits of the salary structure, designing compensation, understanding offer letter and its implications as well as the practical knowledge of salary drafting through excel sheet overview and comparative analysis of the organization in NET salary takeaways. Eminently he created awareness on the base knowledge of the wage, salary, labour welfare reforms, and minimum wages with reference to Bihar and other states of India. The engrossing lecture with conversance of practical exposure and interactive knowledge polls and information on new wage code going to be implemented by April, 2021. Lastly, he concluded the lecture by putting emphasis on making the Students recognize how the pay structure supports the business strategy of providing customized client solutions. Students should realize that leading the market in pay will help retain employees, but can recommend monitoring turnover and conducting exit interviews to ensure this is the result. Lastly, a lead pay strategy can be emphasized in recruiting, to market the firm in what it has to offer applicants and to create a sense that they hire the best, expect the best, and create the best for the organization he further resolved the queries coming from the students. He also made a remark by putting emphasis to the student’s career that how a well versed human resource professional should be well versed with the efficient compensation management provisions as the same is essential to effective governance of the human resource management in an organisation. With these words, the expert talk came to an end.