compensation and reward policy


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compensation and reward policy

  1. 1. Compensation and Reward Policy <ul><li>Bpo Industry </li></ul><ul><li>Retail Industry </li></ul>
  2. 2. BPO Industry
  4. 5. COMPENSATION <ul><li>Provident Fund </li></ul><ul><li>Gratuity </li></ul><ul><li>Group Mediclaim Insurance Scheme </li></ul><ul><li>Personal Accident Insurance Scheme </li></ul><ul><li>Subsidized Food and Transportation </li></ul><ul><li>Company Leased Accommodation </li></ul><ul><li>Recreation, Cafeteria, ATM and Concierge facilities </li></ul>
  5. 6. COMPENSATION <ul><li>Corporate Credit Card </li></ul><ul><li>Cellular Phone / Laptop </li></ul><ul><li>Personal Health Care (Regular medical check-ups) </li></ul><ul><li>Loans </li></ul><ul><li>Educational Benefits </li></ul><ul><li>Performance based incentives </li></ul><ul><li>Flexi-time </li></ul>
  6. 7. <ul><li>Flexi-time </li></ul><ul><li>Flexible Salary Benefits </li></ul><ul><li>Regular Get together and other cultural programs </li></ul><ul><li>Wedding Day Gift </li></ul><ul><li>Employee Referral Scheme </li></ul>
  7. 8. <ul><li>Paid Days Off </li></ul><ul><li>Maternity Leave </li></ul><ul><li>Employee Stock Option Plan </li></ul>
  10. 11. <ul><li>Reward package = Monthly pay + performance incentives + sodexho vouchers + bonus + sponsored team outings + .......................... </li></ul>
  11. 12. Reward Strategies in BPO's <ul><li>Certification sponsorships- like Six Sigma, Black belt, green belt. </li></ul><ul><li>Good Growth Plan. </li></ul><ul><li>Star of the Month </li></ul><ul><li>Star of the Quarter </li></ul><ul><li>Spot Recognition   </li></ul><ul><li>Team of the Month </li></ul><ul><li>Team of the Quarter </li></ul><ul><li>Quality Champion </li></ul><ul><li>Best Employee Award </li></ul>
  12. 14. Car Hire <ul><li>Provide an opportunity to employees to select their own vehicles as per their aspiration / preferences (Band 5). </li></ul><ul><li>To facilitate means of transportation for official and personal travel to eligible employee. </li></ul><ul><li>The car hire agreement will come to an end when the employee separates. Accordingly the employee will have all the responsibility of settling the dues / return of the car to the owner. </li></ul>
  13. 15. Mobile Phone <ul><li>To take care of communication needs for business & exigencies. </li></ul><ul><li>Eligible employees will purchase any model of CDMA handset directly from the market from authorized dealers as per entitlements. </li></ul><ul><li>All phone bills will be approved and settled as per entitlement. Any cost incurred over and above the same is to be borne by the employee and will be recovered from their salary. </li></ul>
  14. 16. Travel <ul><li>To make outstation visits in a structured and planned manner to enable the assignment to be completed on schedule. </li></ul><ul><li>To make outstation travel a comfortable experience for an employee. </li></ul><ul><li>To meet the expenses incurred by the employee in connection with travel, lodging and boarding. </li></ul><ul><li>This benefit is not considered as Income for an employee and does not form part of the total salary package of an employee. </li></ul>
  15. 17. Visiting Cards <ul><li>Authorize and empower employees to represent the company. </li></ul><ul><li>All the employees in Band 3 and above become eligible for business cards to be issued along with their names and designations mentioned as per the appointment letter. </li></ul>
  16. 18. Salary Advance <ul><li>To provide assistance to the employee to meet his/her immediate financial need or any other financial exigency. </li></ul><ul><li>Amount of salary advance should not exceed more than one month’s current basic salary amount. The said advance is interest free. </li></ul><ul><li>Recovery of the full advance amount will be done in the subsequent month's salary. </li></ul>
  17. 19. Food Coupons <ul><li>To provide employees the salary component of food coupons in electronic form. </li></ul><ul><li>To provide with a tax saving component in the salary. </li></ul><ul><li>Employees will be eligible for food coupons credit of value Rs. 1300 (Rupees One Thousand Three Hundred Only) per month. </li></ul><ul><li>No cash exchange can be taken in lieu of the food coupons. </li></ul>
  18. 20. Special Privilege Schemes <ul><li>To promote company owned products, to increase brand awareness and to extend the benefit to all employees for becoming member of the club. </li></ul><ul><li>Band Purchase Limit </li></ul><ul><li>Band 01 Rs. 25,000/- p.a. </li></ul><ul><li>Band 02 Rs. 50,000/- p.a. </li></ul><ul><li>Band 03 Rs. 1,00,000/- p.a. </li></ul><ul><li>Band 04 Rs. 2,00,000/- p.a. </li></ul><ul><li>Band 05 On Actuals </li></ul><ul><li>A member can make purchases beyond above-mentioned limits however on such purchases no discounts / privileges will be applicable. </li></ul>
  19. 21. Group Insurance <ul><li>To provide the employee and his dependants with a comprehensive financial security under the Group Life Insurance policy. The benefits under this policy are claimed by the beneficiary nominated by the employee in the event of the latter’s death. </li></ul><ul><li>Applicable to all employees of Pantaloon Retail (India) Limited and group companies who are members of the Provident Fund. </li></ul><ul><li>Band Insurance Cover </li></ul><ul><li>Band 02 Rs. 2,35,000/- </li></ul><ul><li>Band 01 Rs. 2,35,000/- </li></ul>
  20. 22. Life Security Plan <ul><li>To provide the employee and his dependants with a comprehensive financial security under the Insurance policy in the event that they are no longer there to care for their family. </li></ul><ul><li>This policy will be applicable only during the tenure with Pantaloon Retail (India) Ltd and would cover all employees in Band 3,4 & 5 who are on the rolls of PRIL. </li></ul><ul><li>Pension will be paid till the retirement age i.e. 58 years & will be subject to applicable tax deducted at source. </li></ul>
  21. 23. <ul><li>Transfer: </li></ul><ul><li>i) Company initiated transfer- Benefits </li></ul><ul><li>ii) Employee initiated transfer – No benefits </li></ul><ul><li>iii) Case of spouses </li></ul><ul><li>iv) Transfer related reimbursements and assistance according to bands </li></ul><ul><li>**A maximum of 7 days leave can be availed and must be availed within 3 months of transfer to the new location failing which the leave lapses. </li></ul>
  22. 24. <ul><li>Relocation: </li></ul><ul><li>To assist the new recruit, who are relocating from a city other than their initial place of joining & to lay down entitlement and procedures for the same. </li></ul><ul><li>Travel Assistance </li></ul><ul><li>Guest House/Hotel accomodation </li></ul><ul><li>- Refer table </li></ul>
  23. 25. SHIPMENT OF GOODS BAND INSURANCE CHARGES Band 5 For value of goods upto Rs. 2.5 lakhs Rs.35000 Band 4 For value of goods upto Rs. 2 lakhs Rs.30000 Band 3 For value of goods upto Rs. 1.5 lakhs Rs.25000 Band 2 For value of goods upto Rs. 1 lakh Rs.20000 Band 1 For value of goods upto Rs. 1 lakh Rs.20000
  24. 26. <ul><li>Leave: </li></ul><ul><li>i) All Purpose Leave: </li></ul><ul><li>- 30 days </li></ul><ul><li>-15 days for trainee </li></ul><ul><li>ii) Maternity Leave: </li></ul><ul><li>- Maximum of 84 days leave </li></ul><ul><li>iii) Leave Without Pay </li></ul><ul><li>iv)Leave Encashment </li></ul>
  25. 27. <ul><li>The Future Outpost : </li></ul><ul><li>This document serves to provide the necessary guidance for the policy governing the running and booking of The Future Outpost , which is a 21 room luxury resort in Alibaug. </li></ul><ul><li>- For all Future Group employees at Head Office, Zonal Office & Stores </li></ul>
  26. 28. <ul><li>Health Check up </li></ul><ul><li>-Band 5 & 4: Executive Health Check Up </li></ul><ul><li>-Band 3,2& 1: General Health Check Up </li></ul><ul><li>Mediclaim: For employee and his immediate family members to take care of medical expenses under the Mediclaim Hospitalization Policy of United Insurance Company Ltd . </li></ul>Band Max. entitlement p.a. Band 5 Rs.3 lac Band 4 Rs.2 lac Band 3 Rs.1.75 lac Band 2 Rs.1.75 lac Band 1 Rs. 75000
  27. 29. <ul><li>Long Service Awards </li></ul>Band Completion of 10 Yrs Completion of 5 Yrs Bands 4 & 5 10 gms. Gold Coin with company logo Specially designed Wrist Watch with Company Logo Bands 2 & 3 7 gms. Gold Coin with company logo Band 1 5 gms. Gold Coin with company logo
  28. 30. <ul><li>Leave Travel Assistance:  </li></ul><ul><li>The financial year of the Company i.e. 1st July – 30th June will be considered as the year for the calculation of LTA. </li></ul><ul><li>Laptop and Data card : </li></ul><ul><li>-Given according to position held and job. </li></ul><ul><li>(Band 4 and Band 5) </li></ul>Band Annual Entitlements Band 5 Rs.30000 Band 4 Rs.20000 Band 3 Rs.10000
  29. 31. Analysis
  30. 32. <ul><li>Values at convergys and at pantaloons differ from each other. </li></ul><ul><li>Convergys a service provider </li></ul><ul><li>Convergys acquires Asturias HR Service Center while pantaloons has its in house hr executives and workings. </li></ul><ul><li>Most of the hr functions at convergys outsourced while at pantaloons the payrolls and enabling services outsourced. </li></ul>
  31. 33. <ul><li>Basic pay in both </li></ul><ul><li>Special incentives for transfers like at pantaloons they are provided with a months basic along with the normal salary and the relocation allowance. </li></ul><ul><li>Unlike convergys at pantaloons there is no pay work stretches. </li></ul><ul><li>State employees are entitled eight hours of sick leave per month at convergys while at pantaloons employees are entitled to 2 and ½ days of leave. </li></ul>
  32. 34. <ul><li>At convergys national holidays are observed while at pantaloons, being a retail house, apart from the mandatory single day weekly off, employees are supposed to be there on national holidays which they can redeem using the compensatory off. </li></ul><ul><li>Employees at convergys allowed compensatory time off during the 12-month period following the date of the holiday worked. </li></ul><ul><li>While at pantaloons an employee can redeem it within 3 months from the date of holiday. </li></ul>
  33. 35. <ul><li>Under the voluntary income protection programs at convergys they cover health insurance, life insurance, retirement, deferred compensation plans. </li></ul><ul><li>While at pantaloons they provide a group insurance and an esic where employees and their immediate family members are covered. </li></ul>
  34. 36. Group No: 5 <ul><li>Bhavisha Sharma(08-II-808) </li></ul><ul><li>Lovleen Bhola ( 08-II-821) </li></ul><ul><li>Nidhi Bhandari(08-II-826) </li></ul><ul><li>Siloni Sangra (08-II-844) </li></ul><ul><li>Swati Pasricha (08-II-848) </li></ul>