hr event winning ppt from scmhrd at sanskriti09: athena
TRANSCRIPT
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Presented by:Presented by:
SCMHRDSCMHRD
Compensation Management: ACompensation Management: Astrategy for attracting andstrategy for attracting and
retaining best talentretaining best talent
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Flow of the presentation
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The top talent managementchallenges faced
: ,Source Talent Management survey 2007 by HCI
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How is increased competitionfor talent impacting the
organizations
: ,Source Talent Management survey 2007 by HCI
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y peop e o n s ay w eorganization?
Fo r Pe o p le Like M e
Fu n p la ce to w ork
In n o va tive C om p a n y
Tra in in g
/y o r o th e r m o n e ta ry b e n e fits p ra ctice s
C a re e r g ro w th o p p o rtu n itie s
O p p o rtu n itie s
A ttra ctive w o rk lo ca tio
Fam ilia rity w ith ta sks o r O p p o rtu n ity to d o w h a t I w a n t to d o
Expect success at the task
- W o rk life b a la n
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How Compensation Managementleads to attracting and retaining of
talent
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Pa y For Pe rfo rm a n ce
&Talen t d ev Plan n in g
Retain
Retain
Attract
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Components ofcompensation
St t i t tt t d t i
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Strategies to attract and retaintalent related to compensation
management
If you come formoney, you would
leave for money
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ESOPs
Flexible work timings
Training
Study leave
Post retirement benefits
Chauffer driven car at certain level
Opportunity to move laterally as wellas vertically
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Pay for performance & timebased approach
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Specific strategies forattracting talent
Organization Level Strategy
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Organization Level Strategy
Entry Level At entry level the proportion of fixed pay should be more than the variablepay.At entry level the base pay should at least be at the average market pay
level.
Middle Level As the level gets higher the proportion of variable pay should increase.For experienced candidates the compensation should pay them for theirknowledge and experience.For specialist the compensation package should keep in mind the
component for their rare skill.Pay around 60th 70th percentile for important jobs in the organization.
Top Level In n o v a tiv e b e n e fits a n d p e rks w h ich a d d to th e ir life style s
.and status La rg e p a rt can b e va ria b le d e p e n d in g o n th e b u sin e ss
.p e rfo rm a n ce a fte r th e y jo in
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Specific strategies for retainingtalent
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Co
mpensation
Band I Band II
Max1
Min1
Max2
Min2
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Conclusion
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References
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Compensation Decision Making by Thomas J.
Bergmann & Vida Gulbinas Scarpello
New Compensation /management in changingEnvironment by S.K. Bhatia
Compensation by Milkovich Newman
Compensation management: Rewardingperformance in the modern organization byRichard I. Henderson
Talent Management survey 2007,by Human
Capital Institute www.shrm.org
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