Professional Documents
Culture Documents
- General Economy
- Inflation Rates - Taxation Policies
- Government Regulations
- Bargaining Power of Unions - EQUITY - Individual - Internal - External - ABILITY TO PAY
- Management Philosophy
- Performance Pay
- Benefits and Perks
- Cafeteria Approach
- Asset Creation - Wealth Creation - Union Demands - Sense of Belonging
- Canteen
- Lunch Coupons - Lunch Allowance - Health Case - Company Hospital - Occupational Health Centre - Medical Reimbursement - Hospitalisation Insurance - Premium Health Checkup
Performance Pay
- Variable Pay - Annual / Monthly / Quarterly - Cash / Gifts / ESOP
CONCEPTS
3-P APPROACH POSITION PERFORMANCE PERSON CAFTERIA APPROACH
PERFORMANCE PAY
-INDIVIDUAL OBJECTIVES TEAM OBJECTIVES SBU OBJECTIVES COMPANY OBJECTIVES HALF YEARLY ANNUAL /PERIODICALLY INCREMENTS/LUMPSUM/ESOPS
Benefits of JE
- Linking Pay to Job Needs - Systematic Procedure - Fair and Equitable - Participation of Unions, Managers, Employees - Less Grievances - More Motivation - Increased Trust
Guidelines
- Rate the Job Not the Person
Process of JE
- Gaining Acceptance - Communicate - Explain
- Committee Formation - HR, UNIONREPS, Senior Employees / Executives - Selecting Benchmark Jobs - Job Description / Job Analysis - Selecting JE Method - Classifying / Creating Job Hierarchy / Monetary Values Finalisation - Installing / Implementing JE Programme - Periodical Reviews
Point Method
1. Conduct Job Analysis - Benchmark Jobs - Compensable Factors 2. Determine Factors and Subfactors SKILL Mental Experience etc. EFFORT Physical Mental etc. RESPONSIBILITY Effect of Error Innovation etc.
Point Method
3. Scale The Factors - Assigning Degrees 4. Fix Relative Weightages 5. Compute Points 6. Assign Money Value to Points 7. Prepare JE Manual HAYS METHOD FOR MANAGERS KNOW HOW PROBLEM SOLVING ACCOUNTABILITY
Degree
3 4 5
Mental Expce. Effort Physical Mental Responsibility Effect of Error Innovation Working Conditions Environment Hazards
30% 30%
60 120
20% 20%
80 60
5% 5%
5 5 645