SlideShare a Scribd company logo
1 of 15
New Trends in Compensation
Management
Dr. G C Mohanta, BE, MSc(Engg), MBA, PhD(Mgt)
Professor
Al-Qurmoshi Institute of Business Management
Hyderabad
New Trends in Compensation
Management
The following are the new trends in compensation
management
Group Mediclaim/Insurance Scheme
Personal Accident Insurance Scheme
Company Leased Accommodation
Recreation/ATM facilities
Corporate Credit Card
Club memberships
New Trends in Compensation
Management (Contd.)
Cellular Phone/Laptop
Personal Health Care (Regular medical check-ups)
Loans
Educational Benefits (For Higher studies)
Regular Get together and other cultural programs
Wedding Day/Birthday Gift
Employee Referral Scheme
Maternity Leave
Paternity Leave
New Trends in Compensation
Management (Contd.)
Work-life Balance
Pay Transperancy
Broad banding
Variable Pay (Incentive Pay)
Flexible Benefits
Work-life Balance
Flexi-time
Compressed workweek
Job sharing
Telecommuting
Part-time work
Modified retirement
Employee Assistance Programme
Child Care Assistance
Elder Care Assistance
5
Pay Transperancy
Employees want transparency in pay system.
Now a days some organisations are using
transparent pay system.
Pay transparency influences employees in
• Fostering trust in management
• Increasing employee engagement
• Encouraging discretionary efforts
• Reducing turnover
• Creating competitive advantage
Broad banding
Consolidating salary grades and ranges into just a
few wide levels or “bands,” each of which contains a
relatively wide range of jobs and salary levels.
 Wide bands provide for more flexibility in assigning
workers to different job grades.
 Lack of permanence in job responsibilities can be
unsettling to new employees.
Variable Pay (Incentive Pay)
Tying pay to some measure of
individual, group, or
organizational performance.
Piecework incentive
Pay-for-performance
Pay-for –person
Merit pay
Bonuses
Sales incentives
Profit sharing
Gain sharing
Employee Stock Ownership
Plan
Employee Stock Ownership Plan
Employee Stock Ownership Plan (ESOP) is an employee
benefit plan.
The scheme provides employees the ownership of stocks in
the company.
Employers have the benefit to use the ESOPs as a tool to
fetch loans from a financial institute.
It also provides for tax benefits to the employers.
Company makes annual contributions in a special trust set
up for ESOPs.
Flexible Benefits
Flexible benefits allow employees to pick benefits
that meet their needs. The idea is to allow each
employee to choose a benefit package that is
individually tailored to his or her own needs and
situation.
Flexible Benefits
The three most popular type of benefit
plans are:
- modular plans,
- core-plus options and
- flexible spending accounts.
Modular Plans
Modular plans are pre-designed packages of benefits,
with each module put together to meet the needs of a
specific group of employees.
So a module designed for single employees with no
dependents might include only essential benefits.
Another, designed for single parents, might have
additional life insurance, disability insurance, and
expanded health coverage.
Core-plus Plans
Core-plus plans consist of a core of essential benefits
and a menu-like selection of other benefits options
from which employees can select and add to the core.
Typically, each employee is given “benefit credits,”
which allow the “purchase” of additional benefits that
uniquely meet his or her needs.
Flexible Spending Plans
Flexible spending plans allow employees to set aside
up to the amount offered in the plan to pay for
particular services.
It’s a convenient way, for example, for employees to
pay for health-care and dental premiums.
Flexible spending accounts can increase employee
take-home pay because employees don’t have to pay
taxes on the amount they spend out of these
accounts.
Benefits and Perks at Google
Physical Fitness
Healthy Eats - a chef makes custom cook every single day
Rejuvenating
Dry-cleaning and alterations
Car wash
Unrestricted dress code
DVD rental
Bike repairs
Haircuts
Theatres
House Rent allowance
Transport and fuel for a specific project, amount returned
after service

More Related Content

What's hot

Compensation Management
Compensation ManagementCompensation Management
Compensation Management
Ajay Khot
 
Workers’ participation in management
Workers’ participation in managementWorkers’ participation in management
Workers’ participation in management
shyamasundar Tripathy
 
Industrial relations & concept and approaches
Industrial relations & concept and approachesIndustrial relations & concept and approaches
Industrial relations & concept and approaches
jpbbk
 

What's hot (20)

Bases for traditional pay system & modern pay system and establishing pay plans
Bases for traditional pay system & modern pay system and establishing pay plans Bases for traditional pay system & modern pay system and establishing pay plans
Bases for traditional pay system & modern pay system and establishing pay plans
 
Role of compensation in organisation
Role of compensation in organisationRole of compensation in organisation
Role of compensation in organisation
 
Compensation management
Compensation managementCompensation management
Compensation management
 
Compensation management
Compensation managementCompensation management
Compensation management
 
Compensation
CompensationCompensation
Compensation
 
Wastage analysis
Wastage analysisWastage analysis
Wastage analysis
 
Compensation Management
Compensation ManagementCompensation Management
Compensation Management
 
Forecasting HR demand and supply
Forecasting HR demand and supplyForecasting HR demand and supply
Forecasting HR demand and supply
 
fringe benefit
fringe benefit fringe benefit
fringe benefit
 
Industrial disputes
Industrial disputesIndustrial disputes
Industrial disputes
 
Workers’ participation in management
Workers’ participation in managementWorkers’ participation in management
Workers’ participation in management
 
Industrial relation in india
Industrial relation in indiaIndustrial relation in india
Industrial relation in india
 
Performance – linked compensation
Performance – linked compensationPerformance – linked compensation
Performance – linked compensation
 
Wageboard & pay comission
Wageboard & pay comissionWageboard & pay comission
Wageboard & pay comission
 
Industrial relations & concept and approaches
Industrial relations & concept and approachesIndustrial relations & concept and approaches
Industrial relations & concept and approaches
 
Wage differentials (compensating Differentials)
Wage differentials (compensating Differentials)Wage differentials (compensating Differentials)
Wage differentials (compensating Differentials)
 
Macro level scenario of HRP
Macro level scenario of HRPMacro level scenario of HRP
Macro level scenario of HRP
 
Hrm case study
Hrm  case studyHrm  case study
Hrm case study
 
Pay For Performance ppt
Pay For Performance pptPay For Performance ppt
Pay For Performance ppt
 
Hrd systems
Hrd systemsHrd systems
Hrd systems
 

Viewers also liked

Emerging trends of compensation management
Emerging trends of compensation managementEmerging trends of compensation management
Emerging trends of compensation management
Dr. Saswat Barpanda
 
Compensation management
Compensation managementCompensation management
Compensation management
805984
 

Viewers also liked (10)

Components of employee benefits
Components of employee benefitsComponents of employee benefits
Components of employee benefits
 
Emerging trends of compensation management
Emerging trends of compensation managementEmerging trends of compensation management
Emerging trends of compensation management
 
Knowledge worker compensation - compensation management - Manu Melwin Joy
Knowledge worker compensation -   compensation management - Manu Melwin JoyKnowledge worker compensation -   compensation management - Manu Melwin Joy
Knowledge worker compensation - compensation management - Manu Melwin Joy
 
Educational Planning and Management - 2014 Trends
Educational Planning and Management - 2014 TrendsEducational Planning and Management - 2014 Trends
Educational Planning and Management - 2014 Trends
 
B2B Marketing trends 2017
B2B Marketing trends 2017   B2B Marketing trends 2017
B2B Marketing trends 2017
 
Concept of reward and total reward system
Concept of reward and total reward systemConcept of reward and total reward system
Concept of reward and total reward system
 
Digital marketing Trends 2017
Digital marketing Trends 2017Digital marketing Trends 2017
Digital marketing Trends 2017
 
Compensation management
Compensation managementCompensation management
Compensation management
 
Email Marketing 101: Strategy
Email Marketing 101: StrategyEmail Marketing 101: Strategy
Email Marketing 101: Strategy
 
5 Storytelling Lessons From Superhero Stories
5 Storytelling Lessons From Superhero Stories5 Storytelling Lessons From Superhero Stories
5 Storytelling Lessons From Superhero Stories
 

Similar to New trends in compensation management

Five W's Presentation
Five W's PresentationFive W's Presentation
Five W's Presentation
Eric Laughlin
 
Employee leasing mod 5
Employee leasing mod 5Employee leasing mod 5
Employee leasing mod 5
Binty Agarwal
 
Running head EMPLOYEE BENEFITS PROGRAMS .docx
Running head EMPLOYEE BENEFITS PROGRAMS                          .docxRunning head EMPLOYEE BENEFITS PROGRAMS                          .docx
Running head EMPLOYEE BENEFITS PROGRAMS .docx
todd271
 
Discretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR .docx
Discretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR   .docxDiscretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR   .docx
Discretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR .docx
lynettearnold46882
 
Employee Benefit Management.pptx
Employee Benefit Management.pptxEmployee Benefit Management.pptx
Employee Benefit Management.pptx
MuskanManchanda4
 
Employee Benefit Management.pdf
Employee Benefit Management.pdfEmployee Benefit Management.pdf
Employee Benefit Management.pdf
MuskanManchanda4
 

Similar to New trends in compensation management (20)

Cmrs week 5
Cmrs  week 5Cmrs  week 5
Cmrs week 5
 
What do you understand by Employee Benefits, explain the contempora.pdf
   What do you understand by Employee Benefits, explain the contempora.pdf   What do you understand by Employee Benefits, explain the contempora.pdf
What do you understand by Employee Benefits, explain the contempora.pdf
 
Designing and Administering The Benefits by Mahnoor
Designing and Administering The Benefits by MahnoorDesigning and Administering The Benefits by Mahnoor
Designing and Administering The Benefits by Mahnoor
 
Five W's Presentation
Five W's PresentationFive W's Presentation
Five W's Presentation
 
New trends in compensation management
New trends in compensation managementNew trends in compensation management
New trends in compensation management
 
Employee leasing mod 5
Employee leasing mod 5Employee leasing mod 5
Employee leasing mod 5
 
New trends in compensation management
New trends in compensation managementNew trends in compensation management
New trends in compensation management
 
Running head EMPLOYEE BENEFITS PROGRAMS .docx
Running head EMPLOYEE BENEFITS PROGRAMS                          .docxRunning head EMPLOYEE BENEFITS PROGRAMS                          .docx
Running head EMPLOYEE BENEFITS PROGRAMS .docx
 
Discretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR .docx
Discretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR   .docxDiscretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR   .docx
Discretionary Employee BenefitsKaren S. Markel, Ph.D., SPHR .docx
 
Cafeteria compen
Cafeteria compenCafeteria compen
Cafeteria compen
 
Introduction of Employee Benefits by Prof. Manoj K Pandey
Introduction of Employee Benefits by Prof. Manoj K PandeyIntroduction of Employee Benefits by Prof. Manoj K Pandey
Introduction of Employee Benefits by Prof. Manoj K Pandey
 
Compensation And Benefits
Compensation And BenefitsCompensation And Benefits
Compensation And Benefits
 
EMPLOYEE BENEFITS.pptx
EMPLOYEE BENEFITS.pptxEMPLOYEE BENEFITS.pptx
EMPLOYEE BENEFITS.pptx
 
presentationonpersonalservicesnfamily-friendlybenefits-120613022524-phpapp01.pdf
presentationonpersonalservicesnfamily-friendlybenefits-120613022524-phpapp01.pdfpresentationonpersonalservicesnfamily-friendlybenefits-120613022524-phpapp01.pdf
presentationonpersonalservicesnfamily-friendlybenefits-120613022524-phpapp01.pdf
 
Employee Benefit Management.pptx
Employee Benefit Management.pptxEmployee Benefit Management.pptx
Employee Benefit Management.pptx
 
Employee Benefit Management.pdf
Employee Benefit Management.pdfEmployee Benefit Management.pdf
Employee Benefit Management.pdf
 
Incentives and Fringe benefits in HRM
Incentives and Fringe benefits in HRMIncentives and Fringe benefits in HRM
Incentives and Fringe benefits in HRM
 
Fringe benefits and its welfare
Fringe benefits and its welfareFringe benefits and its welfare
Fringe benefits and its welfare
 
fringe benefit
fringe benefit fringe benefit
fringe benefit
 
COMPENSATION AND BENEFITS REPORT.pptx
COMPENSATION AND BENEFITS REPORT.pptxCOMPENSATION AND BENEFITS REPORT.pptx
COMPENSATION AND BENEFITS REPORT.pptx
 

More from Al-Qurmoshi Institute of Business Management, Hyderabad

More from Al-Qurmoshi Institute of Business Management, Hyderabad (20)

Building Internally Consistent Compensation System by Dr. G C Mohanta
Building Internally Consistent Compensation System by Dr. G C MohantaBuilding Internally Consistent Compensation System by Dr. G C Mohanta
Building Internally Consistent Compensation System by Dr. G C Mohanta
 
Seniority & Longevity Pay by Dr. G C Mohanta
Seniority & Longevity Pay by Dr. G C MohantaSeniority & Longevity Pay by Dr. G C Mohanta
Seniority & Longevity Pay by Dr. G C Mohanta
 
Person Focus to Pay by Dr. G C Mohanta
Person Focus to Pay by Dr. G C MohantaPerson Focus to Pay by Dr. G C Mohanta
Person Focus to Pay by Dr. G C Mohanta
 
Linking Merit Pay with Competitive Strategy by Dr. G C Mohanta
Linking Merit Pay with Competitive Strategy by Dr. G C MohantaLinking Merit Pay with Competitive Strategy by Dr. G C Mohanta
Linking Merit Pay with Competitive Strategy by Dr. G C Mohanta
 
Incentive Pay and Team Based Pay by Dr. G C Mohanta
Incentive Pay and Team Based Pay by Dr. G C MohantaIncentive Pay and Team Based Pay by Dr. G C Mohanta
Incentive Pay and Team Based Pay by Dr. G C Mohanta
 
Establishing Pay Plans by Dr. G C Mohanta
Establishing Pay Plans by Dr. G C MohantaEstablishing Pay Plans by Dr. G C Mohanta
Establishing Pay Plans by Dr. G C Mohanta
 
Aligning Compensation Strategy with HR Strategy & Business Strategy by Dr. G ...
Aligning Compensation Strategy with HR Strategy & Business Strategy by Dr. G ...Aligning Compensation Strategy with HR Strategy & Business Strategy by Dr. G ...
Aligning Compensation Strategy with HR Strategy & Business Strategy by Dr. G ...
 
Aligning compensation strategy with hr strategy & business strategy by dr. g ...
Aligning compensation strategy with hr strategy & business strategy by dr. g ...Aligning compensation strategy with hr strategy & business strategy by dr. g ...
Aligning compensation strategy with hr strategy & business strategy by dr. g ...
 
System of compensating
System of compensatingSystem of compensating
System of compensating
 
Non financial compensation system
Non financial compensation systemNon financial compensation system
Non financial compensation system
 
Concept of compensation, exploring & defining compensation context
Concept of compensation, exploring & defining compensation contextConcept of compensation, exploring & defining compensation context
Concept of compensation, exploring & defining compensation context
 
Compensation for Indian Central Government Employees
Compensation for Indian Central Government EmployeesCompensation for Indian Central Government Employees
Compensation for Indian Central Government Employees
 
Building market competitive compensation system
Building market competitive compensation systemBuilding market competitive compensation system
Building market competitive compensation system
 
Building pay structures that recognise individual contributions
Building pay structures that recognise individual contributions Building pay structures that recognise individual contributions
Building pay structures that recognise individual contributions
 
Linking merit pay with competitive strategy, Person focus to pay, Incentive p...
Linking merit pay with competitive strategy, Person focus to pay, Incentive p...Linking merit pay with competitive strategy, Person focus to pay, Incentive p...
Linking merit pay with competitive strategy, Person focus to pay, Incentive p...
 
Aligning compensation strategy with business strategy & HR strategy and Senio...
Aligning compensation strategy with business strategy & HR strategy and Senio...Aligning compensation strategy with business strategy & HR strategy and Senio...
Aligning compensation strategy with business strategy & HR strategy and Senio...
 
Concept of compensation and reward, compensation dimensions, system of compen...
Concept of compensation and reward, compensation dimensions, system of compen...Concept of compensation and reward, compensation dimensions, system of compen...
Concept of compensation and reward, compensation dimensions, system of compen...
 
Role of Compensation in Organisation, Non-financial Compensation System and C...
Role of Compensation in Organisation, Non-financial Compensation System and C...Role of Compensation in Organisation, Non-financial Compensation System and C...
Role of Compensation in Organisation, Non-financial Compensation System and C...
 
Organisational impacts of Knowledge Management on People, Processes, Products...
Organisational impacts of Knowledge Management on People, Processes, Products...Organisational impacts of Knowledge Management on People, Processes, Products...
Organisational impacts of Knowledge Management on People, Processes, Products...
 
Knowledge management assessmenton People, Processes, Products and Organisatio...
Knowledge management assessmenton People, Processes, Products and Organisatio...Knowledge management assessmenton People, Processes, Products and Organisatio...
Knowledge management assessmenton People, Processes, Products and Organisatio...
 

Recently uploaded

Presentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelledPresentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelled
CaitlinCummins3
 
Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.
Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.
Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.
daisycvs
 
zidauu _business communication.pptx /pdf
zidauu _business  communication.pptx /pdfzidauu _business  communication.pptx /pdf
zidauu _business communication.pptx /pdf
zukhrafshabbir
 
ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...
ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...
ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...
brennadilys816
 

Recently uploaded (20)

Presentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelledPresentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelled
 
Creative Ideas for Interactive Team Presentations
Creative Ideas for Interactive Team PresentationsCreative Ideas for Interactive Team Presentations
Creative Ideas for Interactive Team Presentations
 
Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.
Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.
Abortion pills in Muscut<Oman(+27737758557) Cytotec available.inn Kuwait City.
 
Blinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptx
Blinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptxBlinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptx
Blinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptx
 
zidauu _business communication.pptx /pdf
zidauu _business  communication.pptx /pdfzidauu _business  communication.pptx /pdf
zidauu _business communication.pptx /pdf
 
Elevate Your Online Presence with SEO Services
Elevate Your Online Presence with SEO ServicesElevate Your Online Presence with SEO Services
Elevate Your Online Presence with SEO Services
 
Toyota Kata Coaching for Agile Teams & Transformations
Toyota Kata Coaching for Agile Teams & TransformationsToyota Kata Coaching for Agile Teams & Transformations
Toyota Kata Coaching for Agile Teams & Transformations
 
WAM Corporate Presentation May 2024_w.pdf
WAM Corporate Presentation May 2024_w.pdfWAM Corporate Presentation May 2024_w.pdf
WAM Corporate Presentation May 2024_w.pdf
 
ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...
ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...
ابو ظبي اعلان | - سايتوتك في الامارات حبوب الاجهاض للبيع ف حبوب الإجهاض ... ا...
 
stock price prediction using machine learning
stock price prediction using machine learningstock price prediction using machine learning
stock price prediction using machine learning
 
1Q24_EN hyundai capital 1q performance
1Q24_EN   hyundai capital 1q performance1Q24_EN   hyundai capital 1q performance
1Q24_EN hyundai capital 1q performance
 
PitchBook’s Guide to VC Funding for Startups
PitchBook’s Guide to VC Funding for StartupsPitchBook’s Guide to VC Funding for Startups
PitchBook’s Guide to VC Funding for Startups
 
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdfInnomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
 
Progress Report - UKG Analyst Summit 2024 - A lot to do - Good Progress1-1.pdf
Progress Report - UKG Analyst Summit 2024 - A lot to do - Good Progress1-1.pdfProgress Report - UKG Analyst Summit 2024 - A lot to do - Good Progress1-1.pdf
Progress Report - UKG Analyst Summit 2024 - A lot to do - Good Progress1-1.pdf
 
How to refresh to be fit for the future world
How to refresh to be fit for the future worldHow to refresh to be fit for the future world
How to refresh to be fit for the future world
 
Guide to Networking Essentials 8th Edition by Greg Tomsho solution manual.doc
Guide to Networking Essentials 8th Edition by Greg Tomsho solution manual.docGuide to Networking Essentials 8th Edition by Greg Tomsho solution manual.doc
Guide to Networking Essentials 8th Edition by Greg Tomsho solution manual.doc
 
The Truth About Dinesh Bafna's Situation.pdf
The Truth About Dinesh Bafna's Situation.pdfThe Truth About Dinesh Bafna's Situation.pdf
The Truth About Dinesh Bafna's Situation.pdf
 
Global Internal Audit Standards 2024.pdf
Global Internal Audit Standards 2024.pdfGlobal Internal Audit Standards 2024.pdf
Global Internal Audit Standards 2024.pdf
 
(推特)Twitter账号批发(自助购买网址🎉top233.com🎉)
(推特)Twitter账号批发(自助购买网址🎉top233.com🎉)(推特)Twitter账号批发(自助购买网址🎉top233.com🎉)
(推特)Twitter账号批发(自助购买网址🎉top233.com🎉)
 
NFS- Operations Presentation - Recurrent
NFS- Operations Presentation - RecurrentNFS- Operations Presentation - Recurrent
NFS- Operations Presentation - Recurrent
 

New trends in compensation management

  • 1. New Trends in Compensation Management Dr. G C Mohanta, BE, MSc(Engg), MBA, PhD(Mgt) Professor Al-Qurmoshi Institute of Business Management Hyderabad
  • 2. New Trends in Compensation Management The following are the new trends in compensation management Group Mediclaim/Insurance Scheme Personal Accident Insurance Scheme Company Leased Accommodation Recreation/ATM facilities Corporate Credit Card Club memberships
  • 3. New Trends in Compensation Management (Contd.) Cellular Phone/Laptop Personal Health Care (Regular medical check-ups) Loans Educational Benefits (For Higher studies) Regular Get together and other cultural programs Wedding Day/Birthday Gift Employee Referral Scheme Maternity Leave Paternity Leave
  • 4. New Trends in Compensation Management (Contd.) Work-life Balance Pay Transperancy Broad banding Variable Pay (Incentive Pay) Flexible Benefits
  • 5. Work-life Balance Flexi-time Compressed workweek Job sharing Telecommuting Part-time work Modified retirement Employee Assistance Programme Child Care Assistance Elder Care Assistance 5
  • 6. Pay Transperancy Employees want transparency in pay system. Now a days some organisations are using transparent pay system. Pay transparency influences employees in • Fostering trust in management • Increasing employee engagement • Encouraging discretionary efforts • Reducing turnover • Creating competitive advantage
  • 7. Broad banding Consolidating salary grades and ranges into just a few wide levels or “bands,” each of which contains a relatively wide range of jobs and salary levels.  Wide bands provide for more flexibility in assigning workers to different job grades.  Lack of permanence in job responsibilities can be unsettling to new employees.
  • 8. Variable Pay (Incentive Pay) Tying pay to some measure of individual, group, or organizational performance. Piecework incentive Pay-for-performance Pay-for –person Merit pay Bonuses Sales incentives Profit sharing Gain sharing Employee Stock Ownership Plan
  • 9. Employee Stock Ownership Plan Employee Stock Ownership Plan (ESOP) is an employee benefit plan. The scheme provides employees the ownership of stocks in the company. Employers have the benefit to use the ESOPs as a tool to fetch loans from a financial institute. It also provides for tax benefits to the employers. Company makes annual contributions in a special trust set up for ESOPs.
  • 10. Flexible Benefits Flexible benefits allow employees to pick benefits that meet their needs. The idea is to allow each employee to choose a benefit package that is individually tailored to his or her own needs and situation.
  • 11. Flexible Benefits The three most popular type of benefit plans are: - modular plans, - core-plus options and - flexible spending accounts.
  • 12. Modular Plans Modular plans are pre-designed packages of benefits, with each module put together to meet the needs of a specific group of employees. So a module designed for single employees with no dependents might include only essential benefits. Another, designed for single parents, might have additional life insurance, disability insurance, and expanded health coverage.
  • 13. Core-plus Plans Core-plus plans consist of a core of essential benefits and a menu-like selection of other benefits options from which employees can select and add to the core. Typically, each employee is given “benefit credits,” which allow the “purchase” of additional benefits that uniquely meet his or her needs.
  • 14. Flexible Spending Plans Flexible spending plans allow employees to set aside up to the amount offered in the plan to pay for particular services. It’s a convenient way, for example, for employees to pay for health-care and dental premiums. Flexible spending accounts can increase employee take-home pay because employees don’t have to pay taxes on the amount they spend out of these accounts.
  • 15. Benefits and Perks at Google Physical Fitness Healthy Eats - a chef makes custom cook every single day Rejuvenating Dry-cleaning and alterations Car wash Unrestricted dress code DVD rental Bike repairs Haircuts Theatres House Rent allowance Transport and fuel for a specific project, amount returned after service

Editor's Notes

  1. Flextime- allows employees to have the benefits of adjusting the time they come to work. Businesses can offer flexible services to customers, supervisors are forced to communicate more effectively. Compressed workweek- employees have the opportunity to work 4 days a week with longer work hours, usually 10hours per day. In return they are able to take one day off a week with out using vacation. Job sharing- two part-time people split the work schedule of 40 hours a week. Sometimes the days work over lap to allow for successful hand-offs and communication. Trust is very important in this role Flexible compensation - allows employees the ability to select what components that have for their compensation package. This approach with employees individual needs and preferences Telecommuting- allows employees the ability to work from home if they are able to maintain their performance. Not every job can be performed remotely. For example, Customer Service Representative. Most telecommuters are information workers. For example, programmer or recruiter. Part-time work - the employee who are students or parents with young children may need part-time schedules. The retail industry is known for having its workforce be part-time. Modified retirement- permits older workers to work fewer hours for a certain time period while maintaining their eligibility to retire