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Componsation

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  • 1. Compensation and Benefits Presented by B N Nagaraj
  • 2. Compensation
    • What is meant by Compensation
    • What are the constituents which goes into Compensation
    • How is it determined
    • How is it implemented
  • 3. What is Compensation
    • To compensate in any manner for the service rendered
    • It might be in Cash or Kind
  • 4. Constituents of Compensation
    • In cash might be :
    • Salary and Wage
    • Bonus
    • LTA
    • Incentives
    • Reimbursements
    • Performance pay/ Variable pay
  • 5. Constituents of Compensation
    • In Kind or Perks
    • Welfare Schemes
    • Holiday Packages
    • Leave and Holidays
    • Fringe Benefits which goes along with the Positions
    • ESOPs
  • 6. Constituents of Compensation
    • Examples
    • Company Leased Accommodations.
    • Company Car
    • Free education for Children
    • Club Facilities
    • Recreation facility
    • Working from home
  • 7. 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
  • 8. 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
  • 9. Why do we do all these ?
    • Earlier Paternalistic role played by Govt organization
    • Changed Scenario to Perform to survive and grow
  • 10. Best Practices
    • “Best Practices” is not a designation limited to small and exclusive Companies. Often, the most useful ideas come from Companies that are faced with critical problems and are forced to find a solution. A best practice should be able to demonstrate a positive impact on Company financial performance, customer satisfaction and/or employees satisfaction.
  • 11. Best Practices
    • Improve Company bottom line financial performance
    • Enhances customer satisfaction
    • Strengthens the relationship between the Company and its employees
  • 12. How is it determined
    • Legislations by Government
    • Compensation surveys
    • Crises
    • Creativity
    • Leaders
    • Paying Capacity
    • Industry wise / region wise
    • Non profit organization
    • NGOs
    • Trusts
  • 13. Wages
    • May be classified as :
    • Minimum wages
    • Living Wages
    • Fair wages
    • Competitive wages
    • Luxury wages
  • 14. Labour Legislations
    • Minimum Wages Act – 1948
    • Minimum Wages rules – different States
    • Minimum Wages for different Industries and 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,.
  • 15. Labour Legislations
    • Basic
    • Dearness Allowance
    • HRA
    • Conveyance Allowance
    • City Compensatory Allowance
  • 16. 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
  • 17. How is it implemented
    • Forced to be implemented by legislations
    • Timing
    • In some company where Unions are prevailing – by way of negotiations and settlements – either long 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
  • 18. Thank you B N Nagaraj

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