Prince augustine

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Speaker: Prince augustine

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  • Factors and weightage and equivalence
  • Prince augustine

    1. 1. Insights into Compensation Presented by :Prince Augustin 16 th Feb, 2012
    2. 2. Flow <ul><li>Compensation as an Strategic Imperative </li></ul><ul><li>Total Rewards Framework – A Relook </li></ul><ul><li>Changing Compensation Trends </li></ul><ul><li>Way Forward </li></ul>
    3. 3. The Power of Compensation <ul><li>Commands attention </li></ul><ul><li>Motivates </li></ul><ul><li>Encourages desired behaviors </li></ul><ul><li>Communicates like nothing else </li></ul><ul><li>Directly connects individual and organization’s success </li></ul>
    4. 4. Answers that we need to Know How do our employees connect with the work place? What behaviors are to be nurtured and rewarded? Are our rewards linked to our business strategy? What do we stand for as an organization? What are our values, what culture would we like to promote?
    5. 5. The Linkage to Business Strategy Business Results Business Strategy People Requirements Human Resources Programs (e.g., Compensation, Performance Management) Human Resources Strategy Employee Needs
    6. 6. The Total Rewards Approach Compensation Fixed Pay Bonus Plan Long-Term Incentives Development Performance Management Learning and Development Career Opportunities RELATIONAL REWARDS TRANSACTIONAL REWARDS INDIVIDUAL Environment Culture & Climate Work Design & Flexibility Quality of Work Life Benefits Health and Welfare Retirement Paid Time Off Job Evaluation Job level can drive many aspects of compensation Job level provide a framework for career development and succession planning Job level can drive benefit eligibility Many aspects of job leveling can impact organization culture, e.g. Number of levels, factor design, competency link
    7. 7. Compensation – Winds of Change <ul><li>Trend 1 :  A New Kind of Workforce </li></ul><ul><ul><li>Multi Generational </li></ul></ul><ul><ul><li>Diversity @ Workplace </li></ul></ul><ul><li>Trend 2 : A Flexible Compensation Approach </li></ul><ul><ul><li>Changing Workforce Needs & Aspirations </li></ul></ul><ul><ul><li>Changing Nature of Work – Any Place, Any time , </li></ul></ul><ul><ul><li>Any Device </li></ul></ul><ul><ul><li>Compensation Customization </li></ul></ul>One Size Fits You
    8. 8. Trends Continued … <ul><li>Trend 3 :  Continuous Performance Management </li></ul><ul><ul><ul><li>Q on Q Approach to goals </li></ul></ul></ul><ul><ul><ul><li>Pay for performance Approach </li></ul></ul></ul><ul><ul><ul><li>Easier Course Correction </li></ul></ul></ul><ul><li>Trend 4 : Employee Wellness Pay Policy </li></ul><ul><ul><ul><li>Holistic Wellness Policy </li></ul></ul></ul><ul><ul><ul><li>Incentivize Employees with Better </li></ul></ul></ul><ul><ul><ul><li>Heath Assessment points </li></ul></ul></ul>
    9. 9. Developing the Compensation Strategy
    10. 10. Times they are a Changing …..
    11. 12. THANK YOU

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