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DR. H. RAJASHEKAR ASSOCIATE PROFESSOR DEPARTMENT OF COMMERCE UNIVERSITY OF MYSORE

DR. H. RAJASHEKAR ASSOCIATE PROFESSOR DEPARTMENT OF COMMERCE UNIVERSITY OF MYSORE MANASAGANGOTRI MYSORE-06. Workforce planning and development Managing talent Managing globalization Managing demographic workforce Managing changes and cultural transformation

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DR. H. RAJASHEKAR ASSOCIATE PROFESSOR DEPARTMENT OF COMMERCE UNIVERSITY OF MYSORE

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  1. DR. H. RAJASHEKAR ASSOCIATE PROFESSOR DEPARTMENT OF COMMERCE UNIVERSITY OF MYSORE MANASAGANGOTRI MYSORE-06

  2. Workforce planning and development Managing talent Managing globalization Managing demographic workforce Managing changes and cultural transformation Managing benchmarking in compensation Managing balancing scorecard system Emerging trends in HRM

  3. Benchmarking is the process of comparing the cost, cycle time, productivity or quality of a specific process or method to another that is widely considered to be an industry standard or best practice. Benchmarking is a process for improving performance by constantly identifying, understanding and adopting best practices and process followed inside and outside the company and implementing the results Benchmarking compensation

  4. For an organization to attract and retain talent, it is of utmost importance that it is able to provide an attractive compensation package. Companies providing good compensation packages naturally stir some level of inquisitiveness in the minds of a prospective candidate. Along with the brand value of the organization, for attracting top talent, a well designed compensation package plays a crucial role. But, how does a company go about designing their compensation package? Approaching compensation package from a very conservative point of view could result in not attracting top talent, and being overtly generous could mean wasted money thereby a hit on the company’s profitability. Compensation Benchmarking is a key element in designing a pay package.

  5. In knowledge industries the availability or lack of talent pool can virtually make or break a company. Hence, compensation benchmarking is an important tool in the hands of HR managers and executive management to attract and retain talent

  6. Companies today are benchmarking the compensation packages provided to their people. This helps them to motivate their employees & retain best people within their company. It is done through range of salaries, companies annual report, informal contacts & other forms of market intelligence Compensation benchmarking

  7. Pay the employee as good as any other organization Motivate the employees to work with almost loyalty To retain the best workforce within the organization Compare the pay structures of other organizations for the same job Review the salaries when needed PURPOSE OF COMPENSATION BENCHMARKING

  8. Planning   Analyzing Integration   Action Maturity STEPS IN BENCHMARKING

  9. 1. Complete your job descriptions 2. Build your plan 3. Understand your purpose 4. Establish your goals 5. Outline your approximate budget and resources needs 6. Craft a timeline Preparations for benchmarking

  10. Competitors benchmarking:- Neighbours benchmarking: Broader ways of compensation benchmarking

  11. It involves performance comparison with the best in the industry It enables the organisation to in corporate creatively the best practices from any industry It helps the organisation to meet the requirements of the end user. It helps in establishing quality goals & true measures of productivity what your getting from benchmarking

  12. It facilitate changes It helps in attaining a competitive edge. The interactions of professionals with benchmarking facilitate future professional growth. This will be more useful to the organisations in future assignment.

  13. Lack of focus and priority Lack of commitment on the part of management Failure to consider customer requirements Incompetent leadership Lack of proper planning Not involving the staff in the program Conflicting objectives of the organisation & those of benchmarking partners Lack of adequate resources & facilities Pitfalls of benchmarking

  14. Select surveys that are appropriate for the positions being surveyed: right job, right geographic area, right company size, etc. Stay general. Job descriptors such as those found in compensation surveys and in Salary.com products are not intended to be all-inclusive job descriptions. They are generic descriptions that best describe the essential functions of a job, rather than the application of that job in a specific company. Select job descriptors based on content, rather than job title. Match closely. A job descriptor should be at least 70 percent of an incumbent's current job responsibilities. Make as many matches as possible. Match the job function, not the person. Combine judiciously. Job descriptors can be blended, but no more than two descriptors per survey should be combined to represent an incumbent's job. Review the level guide. Surveys have a variety of ways for describing and representing different levels for different jobs. Involve employees as much as possible in benchmarking jobs. Requirements for successful benchmarking

  15. THANKS FOR YOUR PATIENT LISTENING

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