C.policies
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OBJECTIVES OF COMPENSATION To attract capable employees to the organization, To motivate them toward superior performance, To retain their service over an extended period of time.
STRUCTURE
40% base salary 35% flexible benefit plan 25% retirement benefits and performance-based pay
LEVELS OF COMPENSATION
REMUNERATION ELEMENTS
FIXED REMUNERATION VARIABLES: DA Fixed Bonus Leave Travel Allowance HRA Medical Reimbursement Allowance
VARIABLE REMUNERATION VARIABLES: Short & Long Term Incentives Perquisites Loans
TYPES OF COMPENSATIONS
General Damages - compensation for your injuries Special Damages - compensation for your financial losses
FACTORS AFFECTING COMPENSATION
Supply and demand for employee skills, Labor organizations, The firm’s ability to pay, Productivity of the firm and the economy, Cost of living, and Government.
What if employees feel “under rewarded” or “over rewarded”
Distort either his own or other inputs or outputs; Behave in the same way as to induce others to his own inputs or outputs; Behave in some way as to change his own inputs or outputs; Choose a different comparison referent; Leave the job.
CURRENT COMPENSATION THINKING
Organizations need to develop a compensation philosophy and direction in writing that is reviewed by the Board of Directors and agreed to by your managers. Particularly in an entrepreneurial, market-driven company, the compensation philosophy needs to include a method for grouping similar jobs for purposes of broad banding, since promotional opportunities are limited. It should include a responsible, measurement system for awarding variable pay. I recommend less emphasis on increasing base pay, and more emphasis on distributing gains via bonuses that reward actual goal attainment.
Goal attainment should be rewarded for both individual and organizational goal achievement to foster teamwork and eliminate the “lone ranger” mentality. Real goal achievement is attached to outcomes or deliverables that are measurable or offer a shared picture of what success looks like. They should not reward checking items off a “to-do” list. As the cost of benefits has increased, their place in a total compensation package has increased in importance. Shifting the costs of some benefits to employees is a last-option scenario.
SALARY AND COMPENSATION TRENDS FOR FORWARD THINKING ORGANIZATIONS
Payment of a one-time, lump sum payment for a result or outcome that deserves recognition. Payment of smaller rewards with “thank you” notes for above the call of duty contributions These are not necessarily tied to an achieved result, but they are contributions, that when emphasized, increase the probability of results. Increased emphasis on additional benefits such as pre-paid legal assistance, educational assistance, and vision insurance.
Increased opportunity for flexible work arrangements and job-sharing. An organizational emphasis on the training and development of employees. Clear career paths so employees see opportunities within your organization.
RBI DMRC ABB Ltd. Coca cola Pvt Ltd.
Unauthorised/Erroneous Debit ECS direct debits/other debits to accounts Payment of Cheques after Stop Payment Instruction Foreign Exchange Services Remittances in India • •
Payment of Interest for delayed Collection of Outstation Cheques Cheques/Instruments lost in transit/in clearing process or at paying bank’s branch
Violation of the Code by bank’s agent Transaction of ‘at par instruments’ of Cooperative Banks by Commercial Banks Force Majeure
The person who has sustained the injury or suffered any loss; or All or any of the dependents of the deceased where death has resulted from the accident; or An agent duly authorized by the person injured or all or any of the dependents of the deceased
Along with this, for construction related mishaps, in addition to compensation DMRC constitutes a LABOUR WELFARE FUND. Main objectives of this fund are: Further compensation to family through additional schemes. Widow and children of deceased worker are given additional monetary assistance. If children become orphan, their educational requirement are met from fund.
ASEAN Brown boveri
Sports Mutual Family Assistance Scheme Funeral assistance Educational assistance for children of deceased employees Educational scholarship for employees children Family Planning Incentives Festival/Essential Commodity Loan
Executive Medical Check up Annual Get together Local Conveyance Gift on Marriage Corporate Card Support for Higher Studies Group Personal Accident Insurance Entertainment of clients/contacts
Salary Management Incentive Plan Long-Term Incentive Plan Stock Option Plan Pension and other benefits
CONCLUSION Attracts capable employees to the organization Motivates them towards superior performance, Retains their service over an extended period of time. Benefits them and their family members.
Group Members: Deepika Verma: (08-II-810) Nishtha Arora: (08-II-828) Mukul Ahluwalia: (08-II-825) Surbhi Lakhani: (08-II-846) Swati Saini: (08-II-849)
STRUCTURE
40% base salary 35% flexible benefit plan 25% retirement benefits and performance-based pay
LEVELS OF COMPENSATION
REMUNERATION ELEMENTS
FIXED REMUNERATION VARIABLES: DA Fixed Bonus Leave Travel Allowance HRA Medical Reimbursement Allowance
VARIABLE REMUNERATION VARIABLES: Short & Long Term Incentives Perquisites Loans
TYPES OF COMPENSATIONS
General Damages - compensation for your injuries Special Damages - compensation for your financial losses
FACTORS AFFECTING COMPENSATION
Supply and demand for employee skills, Labor organizations, The firm’s ability to pay, Productivity of the firm and the economy, Cost of living, and Government.
What if employees feel “under rewarded” or “over rewarded”
Distort either his own or other inputs or outputs; Behave in the same way as to induce others to his own inputs or outputs; Behave in some way as to change his own inputs or outputs; Choose a different comparison referent; Leave the job.
CURRENT COMPENSATION THINKING
Organizations need to develop a compensation philosophy and direction in writing that is reviewed by the Board of Directors and agreed to by your managers. Particularly in an entrepreneurial, market-driven company, the compensation philosophy needs to include a method for grouping similar jobs for purposes of broad banding, since promotional opportunities are limited. It should include a responsible, measurement system for awarding variable pay. I recommend less emphasis on increasing base pay, and more emphasis on distributing gains via bonuses that reward actual goal attainment.
Goal attainment should be rewarded for both individual and organizational goal achievement to foster teamwork and eliminate the “lone ranger” mentality. Real goal achievement is attached to outcomes or deliverables that are measurable or offer a shared picture of what success looks like. They should not reward checking items off a “to-do” list. As the cost of benefits has increased, their place in a total compensation package has increased in importance. Shifting the costs of some benefits to employees is a last-option scenario.
SALARY AND COMPENSATION TRENDS FOR FORWARD THINKING ORGANIZATIONS
Payment of a one-time, lump sum payment for a result or outcome that deserves recognition. Payment of smaller rewards with “thank you” notes for above the call of duty contributions These are not necessarily tied to an achieved result, but they are contributions, that when emphasized, increase the probability of results. Increased emphasis on additional benefits such as pre-paid legal assistance, educational assistance, and vision insurance.
Increased opportunity for flexible work arrangements and job-sharing. An organizational emphasis on the training and development of employees. Clear career paths so employees see opportunities within your organization.
RBI DMRC ABB Ltd. Coca cola Pvt Ltd.
Unauthorised/Erroneous Debit ECS direct debits/other debits to accounts Payment of Cheques after Stop Payment Instruction Foreign Exchange Services Remittances in India • •
Payment of Interest for delayed Collection of Outstation Cheques Cheques/Instruments lost in transit/in clearing process or at paying bank’s branch
Violation of the Code by bank’s agent Transaction of ‘at par instruments’ of Cooperative Banks by Commercial Banks Force Majeure
The person who has sustained the injury or suffered any loss; or All or any of the dependents of the deceased where death has resulted from the accident; or An agent duly authorized by the person injured or all or any of the dependents of the deceased
Along with this, for construction related mishaps, in addition to compensation DMRC constitutes a LABOUR WELFARE FUND. Main objectives of this fund are: Further compensation to family through additional schemes. Widow and children of deceased worker are given additional monetary assistance. If children become orphan, their educational requirement are met from fund.
ASEAN Brown boveri
Sports Mutual Family Assistance Scheme Funeral assistance Educational assistance for children of deceased employees Educational scholarship for employees children Family Planning Incentives Festival/Essential Commodity Loan
Executive Medical Check up Annual Get together Local Conveyance Gift on Marriage Corporate Card Support for Higher Studies Group Personal Accident Insurance Entertainment of clients/contacts
Salary Management Incentive Plan Long-Term Incentive Plan Stock Option Plan Pension and other benefits
CONCLUSION Attracts capable employees to the organization Motivates them towards superior performance, Retains their service over an extended period of time. Benefits them and their family members.
Group Members: Deepika Verma: (08-II-810) Nishtha Arora: (08-II-828) Mukul Ahluwalia: (08-II-825) Surbhi Lakhani: (08-II-846) Swati Saini: (08-II-849)
