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Mani compensation
 

Mani compensation

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    Mani compensation Mani compensation Document Transcript

    • Assignment On Performance Management (New Innovative Ways of Compensation)Submitted to: Submitted by:Respected Nidhi mam ManishAssistant professor(UILMS) Roll No-602 MBA 2nd Year
    • Definationsomething (such as money) given or received as payment or reparation, or can refer to;Damages-Legal term referring to the financial compensation recoverable by reason of anothers breach ofduty; the money paid or awarded to a plaintiff.Workers compensation-Is a payment provided to employees when they injured while at works.Remuneration-Is pay or salary, typically monetary payment for services rendered, as in an employment. Usageis considered formal.Executive compensation-Is how top executives of business corporations are paid. This includes a basic salary, bonuses,shares, options and other company benefits for work on the board of directors.Deferred compensation-Is an arrangement in which a portion of an employees income is paid out at a date after whichthat income is actually earned.Example of Deferred Compensation; PENSION, RETIREMENT PLAN.IntroductionA key to attracting and keeping satisfied workers is to ensure they feel they are receiving fair andunbiased compensation for the work that they do. This does not mean that the highest paidemployees are necessarily the most satisfied employees; in fact, their wages are just one part ofthe equation. There are a host of other direct and non-monetary benefits that can complete thetotal compensation package you are able to offer your employees.Employers are using a variety of formal benefits, such as health insurance and retirement savingplans. Examples of innovative and non-monetary benefits, such as flex-time and worksharing,are also growing. In all cases, the compensation and benefits you offer must be meaningful toeach individual employee if it is to be effective in keeping your workers motivated and workingfor you.
    • A compensation package is the combination of benefits that an employer offers to employees.This may include wages, insurance, vacation days, guaranteed raises, and other perks. Strongcompensation packages are often used to attract and keep good employees, and to promotecertain company values. A business that does not pay the highest wages may still be competitiveby offering free or inexpensive childcare to employeesAlmost every compensation package includes consistent wages or salary. This may include aguarantee of regular increased on the cost of living, time with the company, or the jobperformance of the individualIncentive programsIncentive programs are another way of rewarding employees who perform well. The addedbenefit for you as an employer is that this expense is only incurred if the company has seenadditional benefits, either in the quality of service or in direct extra profits from production.Many employees appreciate incentives more than the base pay.Most incentive programs have a cash-cost to them, but that is not always the case. The followingare descriptions of some of the common types of incentive programs employers offer:ProfitsharingEmployees share in the profits of the company, thus directly benefiting from their company’ssuccess. The better a company does, the more benefits individual employees will gain so there isa real incentive for employees to perform well and to encourage co-workers to perform well too.Profit sharing, sometimes referred to as gain sharing, results in win-win situations for a businessand its employees.SpotBonusOne form of spot bonus is referred to as “intrapreneuring.” In these cases, employees areprovided with a special incentive for coming up with new ideas that save the company money orincrease its revenues. Other forms of spot bonuses may be provided for taking special safetyprecautions, providing outstanding customer service or performing other acts that are importantto the company. This type of bonus could be cash, gift certificates, passes or access to specialtraining programs of the employee’s choice, etc.RecognitionProgramsThese types of programs are usually geared to boosting the morale of employees. Someexamples are “Employee of the Month” or “Hardest Worker.” Sometimes employers alsoprovide a day off, a special parking space for a period of time, or the right to have theperformance mascot in their work area.Sign-onBonusThis bonus is for new employees who sign a contract with the company. This is meant to
    • establish goodwill and buy out any remaining compensation the employee might have had withanother company.Milestone BonusMilestone bonuses are used to recognize an achievement such as completing a huge project orlength of service. Some examples are: taking a project team to a movie or dinner; Gift certificates for an employee and his/her family after a special assignment; 5-year service plaques.Referral BonusWhen employers are having trouble finding workers, one of the best sources of referral is frompresent employees. Providing a bonus to employees who refer successful candidates for hiring isa very inexpensive approach to recruiting. Current employees are unlikely to refer people whoare not willing or able to do the work, as it will mean more work for them.Holiday BonusHoliday bonuses usually come around the Christmas holiday season or the end of the year. Theycan range from small gifts to one month’s salary.Sales CommissionCommission occurs when an employee sells something. The reward is a certain percentage of thetotal volume. It can range from 0-50% of the sale.
    • ADITYA BIRLA GROUPAbout the companyAditya Birla Group, a $28 billion enterprise is one of Indias oldest business establishments.Started in 1857, the group today has wide range of business interests. Headquartered in Mumbai,the group has presence in more than 25 countries. More than 50 percent of the groups revenuecomes from overseas operations. It has a presence in 15 industrial sectors and ownership of over40 companies. Of these four are the group companies, seven wholly owned firms operating onlyin India, 25 are international firms and four joint ventures. All these companies are spread acrosssectors like in aluminium, BPO, carbon black, cement, chemicals, copper, fatty acids/ fattyalcohol, fertilisers, finance and insurance, insulators, mining, retail, software, telecom andtextiles. Grasim Industries Ltd, Hindalco Industries Ltd, Aditya Birla Nuvo Ltd and UltraTechCement Ltd are the four group companies under which all other companies operate.Bonuses: Some companies offer a signing bonus or a yearly incentive bonus. Profit sharing isone way this is offered.Long-Term Incentives: These are often stock options or grants.Contests: Incorporating a reward into some sort of contest that builds anticipation andmomentum for attaining certain sales goals is another way to motivate your sales associates.While it is important to allow employees to excel and to be recognized for their individualachievements, contests that focus on promoting the efforts of the group entice people to worktogether because it rewards all of them if the goals are met.A poorly conceived contest with unrealistic goals can do more harm than good, lowering moraleand reflecting negatively on management. A program that is done well can create loyalty,increase sales and build camaraderie.Health Insurance: Some companies provide better health plans than others.Medical assistance program: The Medical Assistance Program and the Medical BenefitScheme cover you, your spouse and your children and is a reimbursable amount. You will also beeligible for the Catastrophic Medical Assistance Plan and Mediclaim benefits
    • Work-Life Balance: To give you a perfect balance of work and life, Aditya birla group hasinitiated elements like paid holidays, maternity benefit with extended leave of absence andsabbaticalsYou are also encouraged to be a part of our various Corporate Social Responsibility campaignsunder the banner aditya group. Life and disability insurance coverage:Aditya birla group team members enhanced financial security during times of uncertainty. Allteam members have Basic Life Insurance coverage, and Supplemental Life Insurance can bepurchased at group rates for you, your spouse and your children. Aditya group also offers WillPreparation Services and several insurance coverage plans for additional protection: Accidental Death and Dismemberment Insurance Business Travel Accident Insurance Short-term Disability Coverage Long-term Disability Coverage
    • HCLAbout the companyThe 35 year old enterprise, founded in 1976, is one of Indias original IT garage start ups. Itsrange of offerings span R&D and Technology Services, Enterprise and Applications Consulting,Remote Infrastructure Management, BPO services, IT Hardware, Systems Integration andDistribution of Technology and Telecom products in India. The HCL team comprises 90,000professionals of diverse nationalities, operating across 31 countries including 505 points ofpresence in India. HCL has global partnerships with several leading Fortune 1000 firms,including several IT and Technology majors.Life insurance: Full life insurance cover by companyCell phone: Provide free cell phone facility.Referral Bonus: When employers are having trouble finding workers, one of the best sources ofreferral is from present employees. Providing a bonus to employees who refer successfulcandidates for hiring is a very inexpensive approach to recruiting. Current employees areunlikely to refer people who are not willing or able to do the work, as it will mean more work forthem.SpotBonusOne form of spot bonus is referred to as “intrapreneuring.” In these cases, employees areprovided with a special incentive for coming up with new ideas that save the company money orincrease its revenues. Other forms of spot bonuses may be provided for taking special safetyprecautions, providing outstanding customer service or performing other acts that are importantto the company. This type of bonus could be cash, gift certificates, passes or access to specialtraining programs of the employee’s choice, etc.Paid holiday & vacation: Paid holidays may also be negotiated by employees who have acontract with employers; these are often senior level employeesPaid sick leave: Paid sick leaves are determined by the employer, or in a representedworkplace, by the employees representative, often a union, in negotiation with an employer.Sales Commission
    • Commission occurs when an employee sells something. The reward is a certain percentage of thetotal volume. It can range from 0-50% of the sale.Savings, investment and financial management programs: Profit Sharing and Savings Plan (includes our 401(k) feature) MCDirect Shares Credit union Financial planning services
    • HINDUSTAN UNILEVER LTD.About the companyHindustan Unilever Limited (HUL) (BSE: 500696) is Indias largest consumer goods companybased in Mumbai, Maharashtra. It is owned by the British-Dutch company Unilever whichcontrols 52% majority stake in HUL. Its products include foods, beverages, cleaning agents andpersonal care products.HUL was formed in 1933 as Lever Brothers India Limited and came into being in 1956 asHindustan Lever Limited through a merger of Lever Brothers, Hindustan Vanaspati Mfg. Co.Ltd. and United Traders Ltd. It is headquartered in Mumbai, India and has an employee strengthof over 16,500 employees and contributes to indirect employment of over 65,000 people.Thecompany was renamed in June 2007 as “Hindustan Unilever Limited.Provident fund: A fund into which the employer and the employee both pay money regularly,so that when the employee retires or leaves the company, he or she receives a sum of moneyMaternity benefits: Women employees in certain establishments for certain periods beforeand after child birth and provides for maternity and certain other benefits.Consider Intangible Rewards: Although salespeople tend to be clearly motivated by money,money is not the only motivator in having them do a good job. Increasingly, today’s salespeopleexpect more from their job in the way of feeling values, respected and appreciated in theorganization if you want them to perform at their best.Transport facility: Provide transport facility to the officePension schemes: Its provide pention plan.Children education plan: Free education plan to the children of employeesHealth expenses of the employees and their families.
    • Milestone Bonus: Milestone bonuses are used to recognize an achievement such as completinga huge project or length of service. Some examples are: taking a project team to a movie or dinner; Gift certificates for an employee and his/her family after a special assignment;5-year service plaques
    • SONY ERICSSONAbout the companySony Mobile Communications AB (formerly Sony Ericsson Mobile Communications AB) is amultinational mobile phone manufacturing company headquartered in Tokyo, Japan, and awholly owned subsidiary of Sony Corporation. It was founded on October 1, 2001 as a jointventure between Sony and the Swedish telecommunications equipment company Ericsson, underthe name Sony Ericsson.Paid holiday: Paid holidays may also be negotiated by employees who have a contract withemployers; these are often senior level employeesProvident fund: A fund into which the employer and the employee both pay money regularly,so that when the employee retires or leaves the company, he or she receives a sum of moneySign-onBonus: This bonus is for new employees who sign a contract with the company. Thisis meant to establish goodwill and buy out any remaining compensation the employee mighthave had with another company.Discount program: It means initiate a discount-card program with local merchants, whichcan result in 10-20% savings to staff on purchases like haircuts, clothing, food andentertainment. More than 80% of employees surveyed supported this. You don’t have to be aslarge as American Association of Retired Persons to initiate this idea.Employee discount on company goods: It refers to the Offer certain goods and servicesPurchased by your company at cost to staff like gasoline, computers and peripherals, and officesupplies. More than 65% of employees surveyed support this type of program.SpotBonus: One form of spot bonus is referred to as “intrapreneuring.” In these cases,employees are provided with a special incentive for coming up with new ideas that save thecompany money or increase its revenues. Other forms of spot bonuses may be provided fortaking special safety precautions, providing outstanding customer service or performing otheracts that are important to the company. This type of bonus could be cash, gift certificates, passesor access to special training programs of the employee’s choice, etc.
    • GLAXO SMITH KLINEAbout the companyGlaxoSmithKline plc (GSK) (LSE: GSK, NYSE: GSK) is a British multinationalpharmaceutical, biologics, vaccines and consumer healthcare company headquartered in London,United Kingdom. It is the worlds fourth-largest pharmaceutical company measured by 2009prescription drug sales (after Pfizer, Novartis, and Sanofi).[3] It was established in 2000 by themerger of Glaxo Wellcome plc (formed from the acquisition of Wellcome plc by Glaxo plc) andSmithKline Beecham plc (formed from the merger of Beecham plc and SmithKline BeckmanCorporation, which was formed by combining the Smith Kline French and Beckman companies).GSK has a portfolio of products for major disease areas including asthma, cancer, virus control,infections, mental health, diabetes, and digestive conditions. It also has a large consumerhealthcare division which produces and markets oral healthcare and nutritional products andover-the-counter medicines including Sensodyne, Boost, Horlicks, and Gaviscon. In July 2012,GSK pleaded guilty to criminal charges and agreed to a $3 billion settlement of the largesthealth-care fraud case in the U.S. and the largest payment by a drug company in the US. Thesettlement is related to the companys illegal promotion of best-selling anti-depressants and itsfailure to report safety data about a top diabetes drug.Employee discount on company goods: It refers to the Offer certain goods and servicesPurchased by your company at cost to staff like gasoline, computers and peripherals, and officesupplies. More than 65% of employees surveyed support this type of program.Consider Intangible Rewards: Although salespeople tend to be clearly motivated by money,money is not the only motivator in having them do a good job. Increasingly, today’s salespeopleexpect more from their job in the way of feeling values, respected and appreciated in theorganization if you want them to perform at their best.Transport facility: Provide transport facility to the officePaid holiday & vacation: Paid holidays may also be negotiated by employees who have a
    • contract with employers; these are often senior level employeesMedical assistance program: The Medical Assistance Program and the Medical BenefitScheme cover you, your spouse and your children and is a reimbursable amount. You will also beeligible for the Catastrophic Medical Assistance Plan and Mediclaim benefitsSales CommissionCommission occurs when an employee sells something. The reward is a certain percentage of thetotal volume. It can range from 0-50% of the sale.