cmr c & b - recent trends in c & b - guest speaker & trends 24 th nov. '11 sessions._2

8/2/2019 CMR C & B - Recent Trends in C & B - Guest Speaker & Trends 24 Th Nov. '11 Sessions._2

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Compensation & Benefits

12 th June 2010.


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8. Laws relating to compensation.

9. Employee welfare / Wellness.

10. Industrial relations relating to compensation.

11. International compensation.

12. Recent trends in compensation & benefits. - Executive compensations.

- Approaches & administration.- Trends in C & B.

11. Revision & wrap up.


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Objective of C & B :

The Role Of Compensation & Benefits Does It Include job analysis & job evaluation.

Creating Flexible Compensation & Reward Policies That Can Change With YourCompany Strategy.

Implementing A Total Reward Scheme To Attract Top Talent & Become An Employerof Choice.

Innovative Methods to Reward Employees.

Increasing The ROI On Intangible Assets Through accounting & technologies.

Developing Incentives And Rewards for Tough Economical Times.


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Objective of C & B :

Shaping the future of employee benefits to changing needs.

Global compensation and benefits trends: the right solutions for current marketpressures.

Compensation management for expats.

Executive remuneration: corporate governance and performance measurement.

Overall HR Outlook & C & B approaches.


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Current Compensation Thinking :

Organizations need to develop a compensation philosophy and direction in

writing that is reviewed by the Board of Directors and agreed to by your

managers.

Particularly in an entrepreneurial, market-driven company, the compensationphilosophy needs to include a method for grouping similar jobs for

purposes of broad banding, since promotional opportunities are limited.

It should include a responsible, measurement system for awarding variable

pay.

Less emphasis on increasing base pay, and more emphasis on distributing

gains via bonuses that reward actual goal attainment.


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Current Compensation Thinking :

Goal attainment should be rewarded for both individual and organizational

goal achievement to foster teamwork and eliminate the lone ranger mentality.

Real goal achievement is attached to outcomes or deliverables that are

measurable or offer a shared picture of what success looks like. They should not

reward checking items off a to-do list.

As the cost of benefits has increased, their place in a total compensation package

has increased in importance. Shifting the costs of some benefits to employees is

a last-option scenario.


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In addition to traditional increases to base pay, and variable rewards, such as

bonuses, profit-sharing and gain-sharing, recommend attention to quality of worklife rewards.

- Payment of a one-time, lump sum payment for a result or outcome that

deserves recognition.

- Payment ofsmaller rewards with thank you notes for above the call of

duty contributions.

- Increased emphasis on additional benefits such as pre-paid legal assistance,

educational assistance, and vision insurance.

- Increased opportunity forflexible work arrangements and job-sharing.

- An organizational emphasis on the training and development of employees.

- Clear career paths so employees see opportunities within your

organization.


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In addition to traditional increases to base pay, and variable rewards, such as

bonuses, profit-sharing and gain-sharing, recommend attention to quality of work life

rewards.

- In summary, organizations are moving toward salary and compensation systems

that emphasize flexibility, goal achievement, and variable pay based onperformance, and less emphasis on increases to base pay.

- They are using bonuses based on profit and accomplishment to add to

employee compensation.

- The rising cost of benefits is causing rethinking of their place in the

compensation system.

- Forward thinking organizations are emphasizing quality of work life

rewards and recognition to add to the value of the total compensation package.

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Current Questions in Trends in Compensation"

1. Are current compensation levels commensurate with the responsibility level of roles ?

2. Is the differential for performance adequate in our compensation structure ?

3. How relevant is role based compensation ?

4. Retention plans and their utility in managing attrition.

5. LTIP and its role in Total Rewards including whether LTIP should be broad based.

6. Design an international compensation package - considerations and challenges


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12 th June 2010.

How do you think compensation is determined ?

cmr c & b - recent trends in c & b - guest speaker & trends 24 th nov. '11 sessions._2

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