comp on sat ion
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What is Compensation To compensate in any manner for the
service rendered
It might be in Cash or Kind
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Constituents of Compensation In cash might be :
Salary and Wage
Bonus
LTA
Incentives Reimbursements
Performance pay/ Variable pay
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Constituents of Compensation In Kind or Perks
Welfare Schemes
Holiday Packages
Leave and Holidays
Fringe Benefits which goes along with thePositions
ESOPs
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Constituents of CompensationExamples
Company Leased Accommodations.
Company Car
Free education for Children
Club Facilities Recreation facility
Working from home
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Constituents of Compensation Contd :-
Good working Atmosphere
Equal rights
Rewards (Annual, long service, Best employee etc) Annual get together
Position and Authority
Insurances
Training and Development
Career Growth Canteen
Loans and Advances
Rehabilitations
Retirement Benefits
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Why do we do all these ? Business is changing
Business Scenario is changing
People expectations are changing Stiff Competition in Business
Globalization
Globally Competitive
Acquisitions and Mergers
Talent attraction
Talent Retention
Talent Import
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Why do we do all these ? Earlier Paternalistic role played by Govt
organization
Changed Scenario to Perform to survive
and grow
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Best Practices Best Practices is not a designation
limited to small and exclusive Companies.
Often, the most useful ideas come fromCompanies that are faced with criticalproblems and are forced to find a solution.A best practice should be able to
demonstrate a positive impact onCompany financial performance, customersatisfaction and/or employees satisfaction.
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Best Practices Improve Company bottom line financial
performance
Enhances customer satisfaction
Strengthens the relationship between the
Company and its employees
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How is it determined
Legislations by Government
Compensation surveys
Crises
Creativity
Leaders
Paying Capacity
Industry wise / region wise
Non profit organization NGOs
Trusts
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Wages
May be classified as :
Minimum wages
Living Wages
Fair wages
Competitive wages Luxury wages
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Labour Legislations
Minimum Wages Act 1948
Minimum Wages rules different States
Minimum Wages for different Industriesand different skills.
Minimum wages for different Zones in the
same State Social security Acts like PF, ESI, WC Act,
MB Act, Gratuity Act. LWF Act etc,.
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Labour Legislations
Basic
Dearness Allowance
HRA
Conveyance Allowance
City Compensatory Allowance
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Compensation surveys
Industry wise comparisons
Region wise comparisons
Skill wise comparison
Law of Demand and Supply
Paying Capacity of the Organization Special perks to retain talented employees
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How is it implemented
Forced to be implemented by legislations
Timing
In some company where Unions are prevailing by way of negotiations and settlements eitherlong term or short term
Based on paying capacity in one phase or in
phased manner Rewards for exceptional people
Law of demand and supply
Crises
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Thank you