2012 Final Compensation
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Transcript of 2012 Final Compensation
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Compensation refers to allforms of financial returns and
tangible services and benefits
employees receive as part of
an employment relationship.
What Is Compensation?
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Relational Returns from Work
Recognition& Status
EmploymentSecurity
Challenging
Work
Learning
Opportunities
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COMPENSATION
MIX
Labor MarketConditions
Area WageRates
Cost ofLiving
CollectiveBargaining
LegalRequirements
Compensation Strategyof the Organization
Worth ofthe Job
EmployeesRelative
Worth
EmployersAbilityto Pay
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Wages & Salaries in the organisation should be in linewith wages and salaries for comparable jobs in otherorganisation.
Ensuring that jobs in our company are paid the same asthe same jobs (in terms of KSA)in other companies. Data relating to pay levels can be collected through W
& S Survey. A salary survey reveals what otherorganisations pay for specific jobs and the basis forpayment.
Once the going rate prevailing in the region is knownthe co. can decide a higher or lower level for itsemployees without distrubing internal equity.
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Ensuring that compensation for jobs that are similar interms of KSA within the organization should be thesame.
It implies a proper relationship between wages paid fordifferent jobs within the co. Pay differentials should berelated directly to differentials between jobrequirements.
Fair pay differentials between jobs can be establishedwith the help of job evaluation.Job evaluation help todetermine relative worth of a job.It is useful ineliminating widely varying wages for jobs of equaldifficulty.It also minimises wage differentials on thebasis of sex, religion, caste etc.
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Merits:
This scheme links compensation package toperformance.
It enables companies to retain efficientemployees
It encourages employees to work even better.
It inculcates a sense of ownership and
responsibility It establishes significance of team work among
employees.
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1.This scheme can be used by only profitmaking companies
Falling share prices result in loss to employees.
Unsound stock market conditions casueinconvenience to employees in encashing theirinvestments.
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Types of
Nonmonetary
Rewards
TREATSFree Lunches
Coffee Breaks
Picnics
Dinner with the boss
Dinner for the family
Birthday Treats
Knick- KnacksDesc accessories
Company watches
Tie-pins,brooches
Diaries,PlannersCalendars
Wallets
T-Shirts
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Types of
Nonmonetary rewards
AWARDSTrophies
Plaques
Certificates
Letters of appreciation
Scrolls
SOCIAL ACKNOWLEDGEMENTInformal recognitionRecognition at office
gettogethers
Friendly greetings
,smiles,email
Solicitation of advice, suggestion
Membership of recreation club
Use of company facilities
for personal projects
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Types of
Nonmonetary
Rewards
TOKENSMovie Tickets
Dating allowanceVacation Trips
Coupons redeemable at stores
Early time offs
Anniversary and Bday
allowances ,presents
ON THE JOB
More responsibility
Job rotation
Special assignments
Training
Representing the co.
At public fora
Office Environment
RedecorationOffice with a window
Piped music
Flexible hours
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A Zillion Thanks award for emp who helped hispeer
My Dear Boss Scheme Subordinate who wants tonominate his boss.
Golden Banana award : Best Performer- H.P
Happy Nappy Day- H.P plays a Bday tune for itsemployees which resounds all over the orgpremises.
Sahara Airlines: organise joint Bday parties foremps at the end of each month.bday messages aredisplayed on co. noticeboards
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X Factor:
Concierge services:Emps are made free of their routine duties ofpaying bills, paying children school fees andother such necessary job unrelated chores. A
co. rep is appointed to perform all such choresso that emps can concentrate more on theirwork
Granny Gratitude Day- Jan,1st
,designatedholiday
Budding Genius award
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WIPRO:
Feather in my Cap- for successful completion ofproject
Encore for performing extraordinary in teams
ICICI:
Life is growth encourage people to participate andcome up with new ideas.
Saturday Kids club: Learning experience for Children
P & G: Provides 10 days paternity leaves and 8 weeksleave for adopting the child legally.
G.E : Hall of the fame award to best performingemployees
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NIIT
Colgate Palmolive &Modi Xerox :Annual
family days
Tangerine Infomedia
Oriental Craft Ltd Bharti Airtel
City Bank
Infosys
Cadbury
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1.Liberal housing Loans, soft loans i.e for conveyance and housing 2.Asset creation- such as co. car which can be purchased at a depreciated
value
3.Post retirement medical benefits for life
4.Scholarships for managers children
5.Assignments abroad for short duration
6.Deputing to development programmes internal/external/abroad/professional conferences
7.Membership of professional institutions
8.Study leave-India or abroad
9.Progressive cos single out star performers and structure theirindividualised innovative packages
10.Immediate impact rewards and recognition-Visible perks- cars andcabin
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Flexible Benefits-
Employees tailor their benefit program to meet theirpersonal need by picking and choosing from a menu
of benefit options.
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In an industry known for the short life span of its employees,Hughes Software Systems has evolved a highly successfulstrategy, to retain its high performers. They conducted abattery of surveys, interviewed employees, questioned
employees, questioned those who did not join to know whatmade them turn down the job offer, held detailed existinterviews to identify bad experiences, unmet expectations andfuture areas of improvement. The managements proactiveapproach in making these policy changes built employeeconfidence and earned HSS the reputation of a caring
organization.In any case, it is one company that extensively uses awards asthe cornerstone of its retention strategy. The guiding mottoseems to be Catch employees doing something right. Toillustrate: Managers give Snap Awards for individual andteam achievements, winding up with an office party
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The company also offers a host of other AnnualAchievement Awards on best initiative, best customerorientation, best team worker and the most innovativeemployee. These are besides the Presidential Awards infour categories for overall excellence, covering employeesin all functional areas. Then there are Annual Awards forBest People Manager and Best Project Manager and score ofpopular awards based on voting for leadership, mentoring,etc. Other innovative awards include Award for best
sense of humour, I would like to be like you, Terrifictrouble shooter award, etc. In fact, at HSS any excuse isgood enough for an award.
E-greetings are sent and the company celebrates longevityafter six months of an employeesjoining by presenting hera special tag, followed by a full recognition ceremony afterfirst year. Five years down the line, she gets a plaque and aGreen Card of privileges!
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All employees are covered under the EmployeeStock Option Plan. HSS have leveraged on anumber of positive factors like high-technology
work; business and personal ethics; building aculture of, openness; access to internationalopportunities; constant appreciation; wealth-creation through ESOPs, etc.
The focus in HSS, therefore, was to create alearning environment where the role of leadershipas mentors of younger employees is critical.Critical employees are recognized as GyanGurusMentors, Buddies, etc. by subordinates, as
well as, their senior managers. In sum, HSS istrying to create as many Glues as well as, theirsenior managers. In sum, HSS is trying to create asmany Gluesas possible to hold on to its people.
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