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"Manajemen berdasarkan kepemilikan baru Bank XYZ telah merumuskan visi baru untuk menjadi Lima Besar Bank di Indonesia. Manajemen berrnaksud melakukan perbaikan kondisi kompensasi agar mampu memotivasi karyawan untuk mencapai target dalam rangka mencapai visi tersebut di samping untuk mempertahankan karyawan potensial.Survei kompensasi yang dilakukan oleh sebuah konsultan terkemuka di tahun 2003 dan identifikasi kondisi kompensasi oleh Bagian SDM menunjukkan posisi kompensasi Bank XYZ cukup baik yaitu berada pada Q3 di antara bank swasta nasional lokal, namun masih kurang kompetitif dibanding dengan best practices yang berada pada P75. Komponen kompensasi kurang terdiferensiasi dan perbandingan variable pay terhadap total pay terlihat kurang baik. Hasil benchmark dengan best practices menunjukkan penerapan insentif yang agresifmelalui variable pay. Identitikasi kompensasi yang dilakukan oleh bagian SDM menunjukkan bahwa walaupun pada dasarnya sistem kompensasi yang diterapkan oleh Bank XYZ selama lebih dari 10 tahun telah cukup baik dan memberikan rasa aman dalam bekerja bagi setiap karyawan, namun desain kompensasi tersebut dianggap kurang mampu memotivasi karyawan untuk mencapai target kerja dan kurang memberikan daya tarik bagi karyawan potensial untuk tetap bertahan. Hal terutama berkaitan dengan rencana pencapaian target yang sangat besar hingga tahun 2007.Apabila dilihat dari komponen kompensasi, maka komposisi base pay terlihat sangat besar, di mana hal tersebut menunjukkan bahwa sistem kompensasi Bank XYZ kurang memberikan peluang karyawan untuk mendapatkan tambahan kompensasi atas pencapaian target keija yang dilakukannya meialui variable pay dan recognition khususnya bagi karyawan potensial.Di samping itu walaupun penilaian kinerja telah diatur dengan cukup baik dan menjadi dasar dalam penetapan kenaikan gaji tahunan (merit increase) karyawan, tetapi belum diatur secara khusus tentang pengukuran hasil penilaian prestasi kerja yang berdasar pada pencapaian target-target tertentu (perfomance-based) yang dapat digunakan sebagai dasar pemberian variable pay. Bonus yang diberikan perusahaan hanya terdiri dari bonus umum yang diberikan secara merata berdasarlcan keuntungan perusahaan kepada seluruh karyawan tanpa melihat perfomance. Bonus performance kepada karyawan potensial hanya diberikan porsi yang sangar kecil dan hanya terbatas untuk level tertentu.Penghargaan terhadap karyawan potensial hanya diberlkan berdasarkan kriteria yang sangat terbatas dan kurang bersifat spesifik, padahal fungsi/bidang kerja dalam perusahaan sangat beragam dan masing-masing memiliki top performers yang perlu diperbahankan secara khusus melalui suatu program recognition atau penghargaan lainnya.Menghadapi permasalahan tersebut di atas, terdapat tiga alternatif desain kompensasi motivasional yang dapat dilakukan agar karyawan temaotivasi untuk mencapai kinerja yang sebaik-baiknya dan mempertahankan karyawan potensial. Pertama dengan perbaikan desain kompensasi dengan lebih menitikberatkan proporsi base pay dalam rangka meningkatkan rasio produktivitas secara umum dan mencapai kesetaraan dengan best practices dan lebih kompetitif secara eksternal terhadap pasar. Alternatif ini diharapkan lebih applicable dan lebih cepat penerapannya karena sifatnya yang mudah untuk dilakukan di semua jenjang danfungsi bidang.Alternatif kedua adalah perbaikan clesain kompensasi dengan Iebih memberikan perhatian khusus pada desain kompensasi yang bersifat variable pay. Perhatian khusus terhadap variable pay ini diharapkan mampu memotivasi karyawan untuk mencapai target dan mempertahankan karyawan potensial.Sedangkan alternatif ketiga adalah perbaikan sistem kompensasi harus dilakukan secara menyeluruh baik terhadap base salary maupun komponen kompensasi lain sena memberikan perhatian khusus pada desain kompensasi yang bersifat variable Pay.Mengingat kondisi yang disertai kebijaKan dan dampak atas penerapan desain kompensasi tersebut pada karyawan di Bank XYZ, maka alternatif ketiga merupakan alternatif yang disarankan oleh penulis, di mana penulis juga memberikan masukan tentang tahap perbaikan, usulan desain kompensasi, bentuk-bentuk variable pay dan recognition serta rencana sosialisasi atas desain baru tersebut."

"A leading non-profit humanitarian relief and development organization working in 45 countries throughout the world, SC has been working in Indonesia since 1976. Our goal is to work with partners to assist vulnerable women and children to lead healthier and more productive lives. SC partners include the Department of Health, Education, Social Affairs and Women's Empowerment, as well as local NGOs, universities and professional associations.The mission of the organization to create lasting positive change in lives of children in need. SC is an apolitical and non religious organization and is proud to be independent and neutral in its dealings. SC activities in Indonesia are supported by a number of donors such as Gates Foundation, Oak Foundation, USAID, Herford Foundation, United Nation, private company and other individual donors.For implementation of programs, SCs human resource has to be professional and competent. However after the Tsunami that hit Aceh in December 2004, an influx of INGOs have made an entry into Indonesia making the demand for professional staff very high whereas the supply for such human resources are limited. This is the leading problem that SC faces.SC conducted and took part in a Salary Survey in 2003 to compare its salary levels with that of similar INGOs. In 2003, we found that SC is amongst the 75th Percentile. However, after the Tsunami did SC still hold that percentile? For this reason, the SC Management carried out a similar survey in 2005. Together with the survey, the management also decided to restructure the salary components.The revised salary components that were introduced were Annual Base Salary (monthly base salary x 12), Fixed Bonus (Festive Allowance), Non Cash Benefit (Hospitalization & Outpatient Benefits for Employee & Family, Life Insurance for Employee and Jamsostek) and employees working in Aceh after the Tsunami were given an Emergency Allowance (COLA 25%, Emergency Allowance 25%, Special Allowance between USS 50-200 depending on the level).Further to the above, to combat the problems faced by SC about limited manpower resources the following solutions have been provided by the writer:1. Incorporating a Variable Pay (VP) salary component that be given every 6 months and will be related to performance appraisal for the employees. Employees with high performance ratings (with the rank A, B and C) will be eligible only. For Example:- Rank A (100%) gets 1 months salary as VP- Rank B (50%) gets 0.5 months salary as VP- Rank C (25%) gets 0.25 months salary as VP2. Enhancement of Non Cash Incentives, like Recognition Awards, International Training Assignment, Long Service Awards and Flexi time.After analysis and observation of the nature and conditions of the organization and a study of the survey data the writer finds that the first solution of Variable Pay provided above is more attractive and competitive. If a variable pay incentive is introduced the organization does not need to change the existing salary ranges which is a cumbersome process and needs the approval of the HO based in the United States and the donors that provide SC with the funds for the programs.Hence to implement Variable Pay within the salary structure, the writer detailed out a plan of action which was accepted and sanctioned. The writer then socialized the entire organization about the concept of Variable Pay. Variable Pay was finally implemented within SC in June 2005."

"Karyawan sebagai aset penting dalam perusahaan perlu dikelola motivasinya agar terus bersemangat untuk bekerja dengan baik dan bahkan lebih baik lagi. Banyak faktor yang melatarbelakangi motivasi karyawan baik intrinsik dan ekstrinsik. Salah satu hal yang paling mendasar untuk memotivasi karyawan dalam suatu pekerjaan adalah upah. Pemberian upah yang tepat dapat mendorong karyawan memiliki motivasi yang tinggi, berproduktivitas tinggi dan berprestasi.Sehubungan dengan hal tersebut maka manajemen dalam hal ini Departemen Sumber Daya Manusia harus memberikan perhatian penuh dalam menetapkan sistem penggajian di perusahaan agar karyawan merasa diperhatikan dan diperlakukan secara adil. PT ABC merupakan salah satu perusahaan yang bergerak di bidang industri perminyakan terbesar di Indonesia, saat ini mengalami masalah pada sistem penggajiannya yang tidak mampu mendorong kinerja para pegawainya. Dari data yang ada ternyata diketahui bahwa sistem penggajian saat ini yang berlaku di PT ABC lebih memfokuskan pada kesejahteraan para pegawainya dengan memberikan base pay beserta tunjangan-tunjangan yang cukup banyak dan besar. Namun di lain pihak, manajemen kurang bahkan tidak memperhatikan variable pay yang merupakan dorongan bagi karyawan untuk berprestasi serta merupakan penghargaan bagi karyawan yang berprestasi.Untuk mengatasi pemasalahan tersebut maka diperlukan suatu cara untuk membentuk desain sistem penggajian baru yang mampu menndorong kinerja karyawan sehingga karyawan termotivasi untuk berprestasi dan perusahaan dapat mencapai sasaran organisasi untuk mempertahankan karyawan yang high potential. Ada dua alternatif dalam menghadapi permasalahan di atas yaitu pertama, dengan mendesain sistem penggajian berdasarkan pay for performance yang dilakukan secara bertahap dan kedua mendesain sistem penggajian berdasarkan pay for performance secara sekaligus atau serentak dan lebih mengarah kepada clean wages.Mengingat kondisi yang ada dalam perusahaan yaitu telah lamanya sistem penggajian yang tidak mendorong kinerja diterapkan dalam perusahaan sehiugga cukup banyak keluhan yang telah diterima oleh Departemen Sumberdaya Manusia, maka alternatif kedua merupakan alternatif yang lebih direkomendasikan oleh penulis untuk merespon karyawan yang telah berprestasi selama ini dan untuk tetap mempertahankan karyawan high potential Penulisjuga dalam memberikan rekomendasi telah memasukkan langkah-Iangkah yang harus dilakukan untuk mendesain sistem penggajian baru beserta perhitungan biaya dan jangka waktu perbaikan."

"Melalui penelitian sebelumnya, diketahui bahwa kepemilikan terkonsentrasi dapat memotivasi controlling shareholder dengan insentif yang memadai untuk mengawasi manajer. Di sisi lain, kepemilikan terkonsentrasi dalam perusahaan keluarga dapat berfungsi secara berbeda, terutama ketika mereka memiliki kontrol atas perusahaan melalui struktur kepemilikan piramida. Keberadaan struktur kepemilikan piramida dalam perusahan keluarga menciptakan alignment effect dan entrenchment effect yang diukur oleh cash flow rights dan control rights dari ultimate shareholder. Penelitian ini berusaha menelusuri bagaimana mekanisme control-enchancing melalui struktur kepemilikan piramida berdampak pada pay-performance relationship. Berdasarkan sampel penelitian perusahaan keluarga Indonesia pada tahun 2011-2017, ditemukan terdapat pengaruh positif dari alignment effect dari cash flow rights terhadap pay-performance relationship, sementara perbedaan dari control rights dan cash flow rights tidak memiliki pengaruh signifikan sehingga entrenchment effect tidak terbukti memberikan pengaruh terhadap pay-performance relationship. Hasil pengujian empiris ini membuktikan, struktur kepemilikan piramida memberikan pengaruh pada agency cost dalam pay-performance relationship.

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Prior research documents that concentrated ownership could motivate controlling shareholder with enough incentive and power to monitor manager. On the other hand, concentrated ownership in family firms could behave differently, especially when they retain control of company through pyramidal ownership structure. The existence of pyramidal ownership structure in family firms create the alignment effect and entrenchment effect as proxied by cash flow rights and control rights of ultimate shareholder.

This paper investigates the impact of control-enhancing mechanism through pyramidal ownership structure on pay-performance relationship. Using a sample of Indonesian listed family firms during 2011-2017, we find a positive influence of alignment effect between cash flow rights on pay-performance relationship, while excess control rights over cash flow rights does not has any effect on pay-performance relationship, suggesting no entrenchment effect. Our result provide evidence that pyramidal ownership structure has an influence on agency cost in pay-performance relationship."

"ABSTRAKA successful project requires a convenient cost estimation. The fragmentary of a construction project starts with an imperfect cost analyze and estimation. This paper is discussing about the analyze of cost estimation with different methods, the study is conducted by two different cost estimation coefficient which is SNI Indonesian standard MPW Ministry of Public Work 2016, price journal DKI Jakarta 2017 and private contractor perspective Expert Judgment . The work of raft foundation is a construction project with repetitive work activities. In this research, there were two analyses, namely comparison the cost analysis Identifying aspects, which makes different in cost analyzing result. This writing will compare the analysis of construction costs for raft foundation that done in the field with the value of the contract, so in this paper we will see the difference of cost estimation based on Indonesia standard MPW 2016, price journal of DKI 2017 and expert judgment with contractor.X who complete this project. The analysis done in this research is to study the use of coefficient value or index and unit price and wage on a materials, tools and workers in cost analysis at raft foundation job. The method used is a case study conducted at the Pesona City Mall Project. The data collection done by collecting the documents, materials and labor, then analyzing the data. The analysis done by comparing the contract value on raft foundation job with the result of project cost analysis using MPW 2016, Journal DKI Jakarta price list and expert judgment. So that obtained comparison of Analysis of Construction Cost between contractors values with project cost based on MPW 2016, Journal 2017 DKI Jakarta and expert judgment to identify the method and aspects, which affect cost estimation. In result the cost estimation based on Expert judgment have lower price than MPW 2016 coefficient and Jakarta price list 2017, but still it is higher than contractor.X price.

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AbstractA successful project requires a convenient cost estimation. The fragmentary of a construction project starts with an imperfect cost analyze and estimation. This paper is discussing about the analyze of cost estimation with different methods, the study is conducted by two different cost estimation coefficient which is SNI Indonesian standard MPW Ministry of Public Work 2016, price journal DKI Jakarta 2017 and private contractor perspective Expert Judgment . The work of raft foundation is a construction project with repetitive work activities. In this research, there were two analyses, namely comparison the cost analysis Identifying aspects, which makes different in cost analyzing result. This writing will compare the analysis of construction costs for raft foundation that done in the field with the value of the contract, so in this paper we will see the difference of cost estimation based on Indonesia standard MPW 2016, price journal of DKI 2017 and expert judgment with contractor.X who complete this project. The analysis done in this research is to study the use of coefficient value or index and unit price and wage on a materials, tools and workers in cost analysis at raft foundation job. The method used is a case study conducted at the Pesona City Mall Project. The data collection done by collecting the documents, materials and labor, then analyzing the data. The analysis done by comparing the contract value on raft foundation job with the result of project cost analysis using MPW 2016, Journal DKI Jakarta price list and expert judgment. So that obtained comparison of Analysis of Construction Cost between contractors values with project cost based on MPW 2016, Journal 2017 DKI Jakarta and expert judgment to identify the method and aspects, which affect cost estimation. In result the cost estimation based on Expert judgment have lower price than MPW 2016 coefficient and Jakarta price list 2017, but still it is higher than contractor.X price. "

"Penelitian ini dilakukan untuk menguji pengaruh Board Internal Connection terhadap pay for performance pada perusahaan listed yang ada di Indonesia. Mengacu pada pendangan terkait Resource Based View yang mempunyai perspektif dimana modal sosial yang dimiliki oleh anggota dewan perusahaan bisa menjadi keunggulan bagi perusahaan. Salah satu bentuk dari modal sosial ini yaitu adanya koneksi internal yang terjalin diantara anggota dewan di dalam suatu perusahaan. Studi yang mengkaji mengenai koneksi internal anggota dewan perusahaan sejauh ini masih relative jarang dijumpai di dalam literatur keuangan, khususnya di Indonesia. Pada penelitian ini menggunakan sampel berupa perusahaan publik yang ada di Indonesia dengan rentang waktu observasi dari tahun 2017 sampai tahun 2019. Mengingat perusahaan terdiri dari mayoritas perusahaan keluarga, sehingga dalam penelitian ini akan melihat pengaruh kontrol keluarga dapat mempengaruhi hubungan antara Board Internal Connection terhadap pay for performance pada perusahaan di Indonesia. Hasil pengujian empiris yang dilakukan memperlihatkan bahwa keberadaan kontrol keluarga di dalam suatu perusahaan dapat memperlemah hubungan positif antara board internal connection terhadap pay for performance.

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This study was conducted to examine the effect of Board Internal Connections on pay for performance on listed companies in Indonesia. Referring to the view related to the Resource Based View which has a perspective where social capital owned by members of the company's board can be an advantage for the company. One form of social capital is the existence of internal connections that exist between board members within a company. Studies that examine the internal connections of company board members so far are still relatively rare in the financial literature, especially in Indonesia. This study uses a sample of public companies in Indonesia with an observation period from 2017 to 2019. Given that the company consists of the majority of family companies, this study will look at the effect of family control on the relationship between Board Internal Connections and pay for performance in companies in Indonesia. The results of empirical tests conducted show that the existence of family control within a company can weaken the positive relationship between the board's internal connection and pay for performance."

"PT X is the biggest multinational shipping company in the world currently. PT X has service network which covers 6 continents with 325 local offices spreading in 110 countries and has around 10.000 employees around the world. It has been operating more than 250 vessels with total capacity about 800.000 TEUs.In Indonesia this company was established in 1958 and today Jakarta is the head office with three other branches in Semarang, Surabaya, and Medan and has employed more than 250 employees. The business strategy of this company is becoming a market leader in the shipping industry that forces the company to construct a new strategy called cost leadership that affects employees.At the present time PT X is facing a very serious problem which is high level turnover particularly in its sales department. From exit interview it has been known that almost 46% of the resigning employees decided to leave the company because they can get better offer in remuneration and benefits. Other reasons for leaving the company are better job opportunities, wish to pursue studies, fatigue, family, and other personal reasons. Sixty percent of the resigning employees come from the sales department.Turnover will impact the overall work performance, cost, time and difficulty in hiring professional workers. All these factors will cause high cost that the company anticipates by making a program to retain employees and increase productivity by providing:1. Attractive compensation and benefits package2. Reward and recognition programsCompensation is given to maintain and increase employees' motivation which in turn will increase employees' productivity. The writer is giving three suggestions in order to restructure the compensation design that would motivate employees:1. Reorganize the compensation design which concentrates on the annual gross base as a hygiene factor that hopefully could resolve issues in the sales department.2. Restructure the compensation design which focuses on pay for performance in the variable pay. This design will not interrupt with the cost effective strategy the company is using.3. Restructure the compensation design that concentrates on the fixed pay and variable pay with the aim of motivating the employees to achieve the liner target and logistics target and could retain potential employees.The writer recommends that the best option for PT X is the second suggestion as the most feasible in achieving an effective and competitive strategy to retain high potential employees. Hopefully this suggestion could reduce turnover and boost productivity, thus maintaining professional employees as valuable assets."