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Does Compensation Motivate

Does Compensation Motivate. 50-50. Yes. No. A beautiful dream!!! American Salary British Home Chinese Food Indian Wife. A nightmare!! Indian Salary Chinese Home British Food American Wife. Components !!!!. What Determines Compensation ?. Worth of a job. Market price of the job.

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Does Compensation Motivate

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  1. Does Compensation Motivate 50-50 Yes No

  2. A beautiful dream!!! American Salary British Home Chinese Food Indian Wife A nightmare!! Indian Salary Chinese Home British Food American Wife Components !!!!

  3. What Determines Compensation ? Worth of a job Market price of the job Internal Equity Issues Affordability of the company

  4. What determines pay?? Market Job Role Pay Competencies of Individual Performance

  5. Foreign Consultancies Foreign Banks FMCG Advertising Financial Services Software Telecom Consumer Durables Chemicals Pharmaceuticals Electronics Engineering

  6. LTA Retirement Benefits Bonus Flexible benefit plan Dating Allowance HRA Conveyance CCA Car scheme Basic

  7. And then… Kabhi Upar Stock Options Kabhi Niche

  8. Money As A Motivator !!!Which of the following best describes your attitude toward your job?

  9. Money As A Motivator !!!Which of the following best describes your attitude toward your salary?

  10. Pride In The Job And The OrganizationAll in all, how would you rate your organization as a place to work compared to other organizations with which you are familiar?

  11. What are your plans for staying with or leaving the organization? I am proud to work here

  12. Infosys Technologies Procter & Gamble Hewlett-Packard (India) Smithkline Beecham Satyam Computer Agilent Technologies BHEL American Express(India) Colgate Palmolive Gillette India Hughes Software Systems Tata Steel Best Employers in India India’s Biggest Wealth Creators

  13. And why are they best employers? • Informal gathering • Career Development • 360 degree feedback • Cross functional training • Sends people to the homes of employees • Family members shown around the premises • Quality of work life • Involvement of Senior Management • Regular Communication • Building Culture and Pride

  14. People Strategy Job Content Culture Work Environment Compensation Learning Opportunities Overseas Exposure Image of the organisation

  15. Retention Strategy Earning Fun Learning Pride

  16. Being treated with respect Being treated fairly Flexible scheduling Money/pay Fun place to work Helpful supervisor People (co-workers) Work performed Opportunity to learn new skills Opportunity for advancement 10 Key Factor Survey How are we doing? Give your organization a “grade” (A, B, C, D, or F) for each criteria listed below.

  17. What can YOU do? • Educational workshops off premises • Best employee of the month/quarter • Lunch with Top Bosses • Frequent Recognition • Week end parties • Learning Opportunities • Re-work Incentive plans • Employee parking place • Feature in in-house magazine • Certificate of Appreciation • Get people to refer for jobs in the organisation

  18. What else? • Personal Thanks • Pass around trophy • Read positive letters from Customers • Name days in employee’s honor • Wall of fame • Pack lunch for employees • Feature in company ads • Part of special projects

  19. Action Planning What changes will you make to help your organization meet its challenges in working with today's young workers? 1. Which ideas made the most sense to you? 2. What did you find that you most agreed with? 3. List three actions you will take because of today's session.

  20. You must get money to chase you, but never let it catch you.

  21. Chase your passion Not your pension

  22. What worked yesterday Won’t work today

  23. Does ONLY Compensation Motivate?

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