Professional Documents
Culture Documents
Objectives
Maintain internal equity Within the parameters of
discipline, function, and responsibilities, employees shall be paid similarly for similar work. Maintain external competitiveness through a salary structure . For higher education related positions. Base salary increase decisions on recognizing performance, retaining our best employees, maintaining market alignment and supporting internal equity. Create compensation structures and strategies that respond to and support organization priorities, changes, and needs. For all other staff positions, the market is based on the local, regional, and/or national markets, depending on the position.
Classification of rewards
Total compensation
Direct
Indirect
Benefits
Base pay Wages Salaries Variable Pay Incentives -Individual -Group/team -organizational Provident Fund Gratuity Maternity Leave Health plans Medical leave Mandatory voluntary Vacations Breaks Holidays Security Plans Pensions Educational assistance Recreational programs
Base pay
The direct financial compensation an individual
receives based on the time worked Two bases of calculation - Hourly/wage: payment for the number of hours worked - Salaried : receive consistent payments at the end of specific period regardless of number of hours worked
Variable pay
- any plan that ties pay to productivity or
profitability. (i.e)The standard by which managers tie compensation to employee effort and performance. - it is linked to individual, group, or organizational performance and not to time worked Incentive Pay Programs Establish a performance threshold to qualify for incentive payments. Emphasize a shared focus on organizational objectives. Create shared commitment in that every
Types of incentives
Individual Incentives
Group/team Incentives Organizational Incentives
VOLUNTARY BENEFITS
Educational benefits
- Employees spouse education assistance( Motorola on international assignments ). - ONGC,NIIT ,ADITYA BIRLA GROUP, HLL sabbaticals (paid/non-paid) are provided to employees who wish to study. - Meritorious Children of employees are provided opportunity of higher education with loan benefits in BPCL, CPCL etc
Family
- Paternity leave in HLL, HCL Tech, Yes Bank, Genpact etc., - Wedding anniversary allowance in NIIT, SPIC etc., - Joyful Working Team and Happy Moments Board- LG Electronics - Family day at office- Bharti telecom.
Intrinsic motivators are worthwhile as financial package 2. Organization reward high performing employees 3. Psychological rewards that employees receive in recognition of their skills and contributions
1.
Types
Awards
Often used to recognize productivity gains, special contributions or achievements, and service to the organization. Employees feel appreciated when employers tie awards to performance and deliver awards in a timely, sincere and specific way. Rooms of offices are named after the employees in NIIT Recognition awards Recognition has a positive impact on performance, either alone or in conjunction with financial rewards
Day-to-day recognition from supervisors, peers, and team members is important. Best performer of the month awards in Blue Dart, ALACTEL,XANSA etc., Service awards - Award for the length of service and exactly not on performance - IBM: thanks award - IDEA: appreciation card
headquarters in Mumbai. It was formed as a division of Tata Sons Limited (TSL), one of India's largest business conglomerates, and was called 'Tata Computer Center.' F C Kohli (Kohli) was appointed as the first General Manager in 1969.