does compensation motivate
DESCRIPTION
Does Compensation Motivate. 50-50. Yes. No. A beautiful dream!!! American Salary British Home Chinese Food Indian Wife. A nightmare!! Indian Salary Chinese Home British Food American Wife. Components !!!!. What Determines Compensation ?. Worth of a job. Market price of the job. - PowerPoint PPT PresentationTRANSCRIPT
Does Compensation Motivate
Yes No50-50
Components !!!!
A beautiful dream!!!
• American Salary• British Home• Chinese Food• Indian Wife
A nightmare!!
• Indian Salary
• Chinese Home
• British Food
• American Wife
What Determines Compensation ?
Worth of a job
Market price of the job
Internal Equity Issues
Affordability of the
company
What determines pay??
Pay
Job RoleMarket
PerformanceCompetencies of
Individual
Foreign Consultancies
Foreign Banks
FMCG
Advertising
Financial Services
Software
Telecom
Consumer Durables
Chemicals
Pharmaceuticals
Electronics
Engineering
Conveyance
Dating Allowance
Flexible benefit plan
Basic
HRA
Bonus
Retirement Benefits
LTA
CCA Car
schem
e
And then…
Stock Options
Kabhi Upar
Kabhi Niche
Money As A Motivator !!!Which of the following best describes your attitude
toward your job?
32
29
24
15
0 5 10 15 20 25 30 35
It's a necessary EVIL
I hate my job
It's an o.k. job
I love my job
Money As A Motivator !!!Which of the following best describes your attitude
toward your salary?
24
25
21
16
14
0 5 10 15 20 25 30
One of the worst
Below Average
Average
Above Average
One of the best
Pride In The Job And The OrganizationAll in all, how would you rate your organization as a place to work compared to other organizations with
which you are familiar?
8
17
21
25
29
0 5 10 15 20 25 30 35
One of the worst
Below Average
Average
Above Average
One of the Best
What are your plans for staying with or leaving the organization?
21
79
0 20 40 60 80 100
Will leave assoon as I get a
better job
No plans to quitat this time
I am proud to work here
Best Employers in India
• Infosys Technologies
• Procter & Gamble
• Hewlett-Packard (India)
• Smithkline Beecham
• Satyam Computer
• Agilent Technologies
• BHEL
• American Express(India)
• Colgate Palmolive
• Gillette India
• Hughes Software Systems
• Tata Steel
India’s Biggest Wealth Creators
And why are they best employers?
• Informal gathering• Career Development• 360 degree feedback• Cross functional training• Sends people to the homes of employees• Family members shown around the premises• Quality of work life• Involvement of Senior Management• Regular Communication• Building Culture and Pride
People Strategy
Job Content
CompensationWork Environment
Culture
Learning Opportunities
Overseas Exposure
Image of the organisation
Retention Strategy
Earning
Learning Pride
Fun
Profiling Leadersplanting shade trees for the future
Under Performers Stars
Strugglers Solid pros
Performance
Pot
enti
al
low high
low
high
10- 20 % 20 – 30 %
5- 10 % 50 – 55 %
10 Key Factor Survey
Being treated with respect
Being treated fairly
Flexible scheduling
Money/pay
Fun place to work
Helpful supervisor
People (co-workers)
Work performed
Opportunity to learn new skills
Opportunity for advancement
How are we doing?
Give your organization a “grade” (A, B, C, D, or F) for each criteria listed below.
What can YOU do?• Educational workshops off premises• Best employee of the month/quarter• Lunch with Top Bosses• Frequent Recognition• Week end parties• Learning Opportunities• Re-work Incentive plans• Employee parking place• Feature in in-house magazine• Certificate of Appreciation• Get people to refer for jobs in the organisation
What else?
• Personal Thanks
• Pass around trophy
• Read positive letters from Customers
• Name days in employee’s honor
• Wall of fame
• Pack lunch for employees
• Feature in company ads
• Part of special projects
Action Planning
What changes will you make to help your
organization meet its challenges in working with
today's young workers?
1. Which ideas made the most sense to you?
2. What did you find that you most agreed with?
3. List three actions you will take because of today's session.
You must get money to
chase you,
but never let it
catch you.
Chase your passion
Not your pension
What worked yesterday
Won’t work today
Does
ONLY
Compensation Motivate?