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Write a 6 pages paper on remuneration policy and employee benefits. Telstra’s non-executive directors are remunerated in accordance with its constitution which provides an aggregated pool of fees tota
Write a 6 pages paper on remuneration policy and employee benefits. Telstra’s non-executive directors are remunerated in accordance with its constitution which provides an aggregated pool of fees total of which not exceeding the annual limit of $3,000,000. The company also offers salary sacrifice arrangements in the form of shares. Shares are offered in place of salaries with regard to STI and LTI. The remuneration report can be used to further improve the strategy and policy by gathering information about the benefits of employees.
Armstrong M. (2003) states that human resource management (HRM) is a strategic and coherent approach to the management of an organization’s most valued asset i.e. the people contributing individually or collectively to the achievement of its objectives. Aswathappa K. (2005) mentions that the primary objective of HRM is to ensure the availability of a competent and willing workforce to an organization. Additionally, HRM objectives are divided into four segments viz. societal, organizational, functional and personal. The personal objective of HRM is to assist the employees in achieving their personnel goals at least insofar as these goals enhance the individuals’ contribution towards the organization. Therefore personal objectives must be met if workers are to be maintained, retained and motivated. This could be possible partly if the company adopts attractive policies and strategies in providing remuneration and benefits to its employees so that the company’s goals are achieved. It is important for any management to know about the remuneration and employee benefits being provided to the employee from top to bottom which may certainly help in the future decision-making process in the companies and employees' interest. The present paper focuses on the remuneration strategy and employee benefits being provided to the employees of Telstra Corporation Limited while briefing the same to the newly appointed CEO of the company.