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New Trends in Compensation mANAGMEENT

The document discusses new trends in compensation management, including group insurance, accident insurance, leased accommodation, recreation facilities, credit cards, memberships, phones/laptops, healthcare, loans, education benefits, celebrations, employee referral programs, work-life balance, pay transparency, broad banding, variable pay, flexible benefits, modular plans, core-plus options, flexible spending accounts, and benefits provided by Google like fitness, meals, services and perks.

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shivani
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677 views15 pages

New Trends in Compensation mANAGMEENT

The document discusses new trends in compensation management, including group insurance, accident insurance, leased accommodation, recreation facilities, credit cards, memberships, phones/laptops, healthcare, loans, education benefits, celebrations, employee referral programs, work-life balance, pay transparency, broad banding, variable pay, flexible benefits, modular plans, core-plus options, flexible spending accounts, and benefits provided by Google like fitness, meals, services and perks.

Uploaded by

shivani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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New Trends in Compensation

Management
Dr. Radhika Mahajan
New Trends in Compensation
Management
The following are the new trends in compensation
management
 G ro u p Mediclaim/Insurance Scheme
 Personal Accident Insurance Scheme
 Company Leased Accommodation
 Recreation/ATM facilities
 Corporate Credit Card
 Club memberships
New Trends in Compensation
Management (Contd.)
 Cellular Phone/Laptop
 Personal Health Care (Regular medical check-ups)
 Loans

 Educational Benefits (For Higher studies)


 Regular Get together and other cultural programs
 Wedding Day/Birthday Gift
 Employee Referral Scheme
New Trends in Compensation
Management (Contd.)
 Work-life Balance
 Pay Transperancy
 B ro a d banding
 Variable Pay (Incentive Pay)
 Flexible Benefits
Work-life Balance
 Fle xi- t ime

 Comp ressed workweek


 J o b sharing
 Telecommuting

 P a r t- t i m e work
 M o d i fi e d retirement
 E m p l o ye e Assistance Programme
 C h i l d Care Assistance 5
Pay Transperancy
 E m p l oye e s
want transparency in pay system.
 N o w a days some organisations are using
transparent pay system.
 P a y transparency influences employees
in
• Fostering trust in management
• Increasing employee engagement
• Encouraging discretionary efforts
• Reducing turnover
Broad banding
 Consolidating salary grades and ranges into just a
few wide levels or “bands,” each of which contains a
relatively wide range of jobs and salary levels.
 Wide bands provide for more flexibility in assigning
workers to different job grades.
 Lack of permanence in job responsibilities can be
unsettling to new employees.
Variable Pay (Incentive Pay)
 Ty i n g pay to some measure
of individual, group, or
organizational performance.
 P i e ce wo rk incentive
 Pay-for-performance

 Pay-fo r –person
 M e r i t pay
 Bonuses

 S a l e s incentives
 P r o fi t sharing
Employee Stock Ownership Plan
 Employee Stock Ownership Plan (ESOP) is an employee
benefit plan.
 T h e scheme provides employees the ownership of stocks ni
the company.
 Employers have the benefit to use the ESOPs as a tool to
fetch loans from a financial institute.
 I t also provides for tax benefits to the employers.
 Company makes annual contributions in a special trust set up
for ESOPs.
Flexible Benefits
 Flexible benefits allow employees to pick benefits
that meet their needs. The idea is to allow each
employee to choose a benefit package that is
individually tailored to his or her own needs and
situation.
Flexible Benefits
 The three most popular type of benefit
plans are:
- modular plans,
- core-plus options and
- flexible spending accounts.
Modular Plans
 Modular plans are pre-designed packages of benefits,
with each module put together to meet the needs of a
specific group of employees.
 S o a module designed for single employees with no
dependents might include only essential benefits.
 Another, designed for single parents, might have
additional life insurance, disability insurance, and
expanded health coverage.
Core-plus Plans
 Core-plusplans consist of a core of essential benefits
and a menu-like selection of other benefits options
from which employees can select and add to the core.
 Typically,
each employee is given “benefit credits,”
which allow the “purchase” of additional benefits that
uniquely meet his or her needs.
Flexible Spending Plans
 Flexible spending plans allow employees to set aside
up to the amount offered in the plan to pay for
particular services.
 It ’sa convenient way, for example, for employees to
pay for health-care and dental premiums.
 Flexible spending accounts can increase employee
take-home pay because employees don’t have to pay
taxes on the amount they spend out of these
accounts.
Benefits and Perks at Google
 Physical Fitness
 Healthy Eats - a chef makes custom cook every single day
 Rejuvenating

 Dry-cleaning and alterations


 Car wash
 Unrestricted dress code
 DV D rental
 Bike repairs
 Haircuts

 Theatres

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