DESIGN AND IMPLEMENTATION OF COMPUTERISED STAFF REMUNERATION SYSTEM

Introduction

Remuneration is the monetary compensation that one receives exchange for the work or services performed. Typically, this consist of monetary rewards, also referred to as wage or salary. A number of complementary benefits, however, the increasingly popular remuneration mechanism. Thus it is financial compensation received by a officer/employed/staff of an organization. It typically a metric of salary, bonuses, shares of and/or call options on the company stock, benefits, and perquisites, ideally configured to take into account government regulations, tax law, the desires of the organization and the executive and rewards for performance. The past decades starting with the 1980’s saw a dramatic rise in executive pay in the country relative to that of overage workers wage in Nigeria, and to lesser extent in a number of other countries. Observers differ as to whether this is a natural and beneficial result of competitive for scare business talent that can add greatly to stock holder value in large companies/organizations. In a modern corporation Chief Executive Officers (CEOs) and other top executives are often paid salary plus short-term incentives or bonuses. This combination is referred to as total cash compensation (TCC). Short-term incentives usually are formular-driver and have some performance criteria attached depending on the role of the executive.