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New trends in compensation management

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New Trends in Compensation Management (Group Mediclaim/Insurance Scheme, Personal Accident Insurance Scheme, Company Leased Accommodation,
Recreation/ATM facilities, Corporate Credit Card,
Club memberships, Cellular Phone/Laptop,
Personal Health Care, Loans, Educational Benefits, Regular Get together and other cultural programs, Wedding Day/Birthday Gift, Employee Referral Scheme, Maternity Leave, Paternity Leave, Work-life Balance, Pay Transparency, Broad banding,Variable Pay (Incentive Pay),
Flexible Benefits

Veröffentlicht in: Business, Wirtschaft & Finanzen
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New trends in compensation management

  1. 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. 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. 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. 4. New Trends in Compensation Management (Contd.) Work-life Balance Pay Transperancy Broad banding Variable Pay (Incentive Pay) Flexible Benefits
  5. 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. 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. 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. 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. 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. 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. 11. Flexible Benefits The three most popular type of benefit plans are: - modular plans, - core-plus options and - flexible spending accounts.
  12. 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. 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. 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. 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

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