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Compensation & Reward............

Published in: Business, Economy & Finance
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  1. 1. Emerging Trends in Compensation & Rewards
  2. 2. An Overview
  3. 3. Compensation• Provident Fund• Gratuity• Group Mediclaim Insurance Scheme• Personal Accident Insurance Scheme• Subsidized Food and Transportation• Company Leased Accommodation• Recreation, Cafeteria, ATM and Concierge facilities
  4. 4. Conti….• Corporate Credit Card• Cellular Phone / Laptop• Personal Health Care (Regular medical check-ups)• Loans• Educational Benefits• Performance based incentives• Flexi-time
  5. 5. Conti….• Flexi-time• Flexible Salary Benefits• Regular Get together and other cultural programs• Wedding Day Gift• Employee Referral Scheme
  6. 6. Conti….• Paid Days Off• Maternity Leave• Employee Stock Option Plan
  7. 7. Reward Strategies• Certification sponsorships- like Six Sigma, Black belt, green belt.• Good Growth Plan.• Star of the Month• Star of the Quarter• Spot Recognition• Team of the Month• Team of the Quarter• Quality Champion• Best Employee Award
  8. 8. Changes New actions/goals Traditional Programs of declining value Emphasis on employee engagement in health, energy,  Legacy compensation programs employer strategic goals (longevity, shift, overtime, PAT vacation) Skill and Knowledge Attainment  Non-consumer engaged employee health benefits Flexibility in work schedules  Paper-based delivery of Emphasis on total services compensation  Compensation based on service Compliance rather than skills and Productivity through business performance simplification and technology
  9. 9. Emerging Trends Compensatory trends differ with age Different generations, different needs: Is compensation driven by gender ? Compensation v/s benefits Flexible compensation, the key to employee satisfaction ESOP – A step towards motivation Work life balance
  10. 10. Conclusion…