Assignment - 1202 Words

Compensation Management in corporates amp; components of compensation | By Regu Krishnan Dy. Manager Ford India | Introduction:- The increasing competitiveness of the labour market and turnover of employees had resulted in nightmare in compensation planning. Apart from this, the growing demands of the employees and competitive salaries offered by multinational companies had almost resulted in a compensation war in certain industries. Therefore, the human resources managers and tax experts have to evolve proper compensation planning for High end and qualified employees. The components of compensation have to be devised in such a way that, it focuses on the growing demands of employees while retaining the†¦show more content†¦The GANTT productivity planning and Taylors plan of wages are examples of piece rate wages and the related consequences. Sign on Bonuses:- The latest trend in the compensation planning is the lump sum bonus for the incoming employee. A person who accepts the offer, is paid a lump sum as a bonus. Even though this practice is not prevelant in most of the industries, Equity research and investment banking companies are paying this to attract the scarce talent. Profit sharing payments:- Profit sharing is again a novel concept nowadays. This can be paid through payment of cash or through ESOPS. The structuring of wages may be done in such a way that, it attracts competitiveness and improved productivity. Profit sharing can also be in the form of deferred compensation at the time of retirement. At the time of retirement the employees may be paid a lump sum or retiral benefits. Fringe benefits:- The provision of fringe benefits does not attract any explanation. These includes., a) Company cars b) Paid vacations c) Membership of social/cultural clubs d) Entertainment tickets/allowances. e) Discounted travel tickets. f) Family vacation packages. 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