| Topic : Employee Engagement in 2010 |
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HR Professionals
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Activity:
127 views;
last activity : 07 06 2010 20:18:09 +0000
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Pay for performance
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Salary structure adjustments
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Introduce unbaised performance Evaluation system and automatic performance based incentive package
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I defer.
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Given limited capital, organizations will expand their use of “pay for performance” models differentiating individual pay increases based on performance level. Organizations that provided salary increases this past year, top performers received 3.4%, while low performers received 1.7%. Utilizing performance-based decisions will provide a mechanism to effectively differentiate performance and distribute limited money for employees critical to ongoing organization success. |
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IT IS ADVISABLE TO TAKE PAY PERFORMANCE ONLY.THE PERSON SERVES THE ORGANIZATION WITH A FAITHFUL NATURE.DENYING COMPENSATION ON PAY PERFORMANCE IS AGAINST NATURAL JUSTICE.
THE PERFORMENCE OF THE EMPLOYEE MUST BE TAKEN IN TO.MERE DEGREE CAN NOT BE A BASIS.
I will support this idea because once we start the salary fixed as per performance base company also grove & Employees also grove.
How its -->Once we are start performance base salary all employees taken the risk they are try to improve skills whenever employees start to showing good skills then company also improving, here employees also learn & earn more & company also grove more.
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Organisations with a formal salary structure usually make annual salary range adjustments to reflect market movement. We all know it as “inflation proofing”. This year, the midpoints of these salary ranges will be increased by the same percentage. Structure movement projections for 2010 average is 1.8%. This is a slight increase from the 2009 actual budget of 1.5%, but is still below recent historical levels of around 2.8%. |
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Good idea kriti and Saketnath, Salary structure adjustment is seen to be the best compensation in the future. There are many talent in India, due to lack of proper compensation they leave India and go to abroad. But companies have realized the importance of talent and are ready to change the salary structure. So this according to me will be a good compensation techniques. :)
While the Compensation hikes will remain moderate with the corporates,the ambition to get higher rewards for the efforts put in by Employees in difficult times will be soaring this year.People lived through the bad times in anticipation of better hikes and remnerations and trying to meet their materialistic demands after cutting down on spendings.
June 2010 will be the month for reckoning the flight of Talent to various competitors from the existing comfort as any change in the job will give the incumbent atleast a 20% hike compared to inhouse increases.Appraisals always throw up new surprised and 2010 will definitely have such surprises given the drought the IT Industry professionals have experineced with respect to their remuneration.With Industry growth showing positive signs in the Manufacturing and outsourcing deals coming the India way again , we can expect the boom in Salaries for Laterals and experienced professionals wth relavant experience. Campus recruitments are picking up as well and the salary adjustments are happening there with little tweaking.Year 2010 will definitely set a new banch mark for the clamour for talent and remunerations.We have to wait till June 2010.
rgds
Saketh
Introduce unbaised performance Evaluation system and automatic performance based incentive package
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While it is necessary to provide life time security to the emplyees it is also necessary to provide encouragement through incentives for good job completed. At the same time once employed fire policy should be only on account of non performance and employee should not be fired on account of inadequate business (This should be covered by Insurance). Unbaised peformance evaluation techniques should be implimented where client also participates in the process of evaluation apart from team Leders and managers. Incentives should be automatic and linked to profitability of the organization as well. |
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Since we are yet to fully get through the recession impact, it is rather premature to think huge compensation packages will come back. Since the economy is on a recovery path, there could be some improvement in the package, that too mainly performance - driven. |
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