does compensation motivate

Does Compensation Motivate

Yes No50-50

Components !!!!

A beautiful dream!!!

• American Salary• British Home• Chinese Food• Indian Wife

A nightmare!!

• Indian Salary

• Chinese Home

• British Food

• American Wife

What Determines Compensation ?

Worth of a job

Market price of the job

Internal Equity Issues

Affordability of the

company

What determines pay??

Pay

Job RoleMarket

PerformanceCompetencies of

Individual

Foreign Consultancies

Foreign Banks

FMCG

Advertising

Financial Services

Software

Telecom

Consumer Durables

Chemicals

Pharmaceuticals

Electronics

Engineering

Conveyance

Dating Allowance

Flexible benefit plan

Basic

HRA

Bonus

Retirement Benefits

LTA

CCA Car

schem

e

And then…

Stock Options

Kabhi Upar

Kabhi Niche

Money As A Motivator !!!Which of the following best describes your attitude

toward your job?

32

29

24

15

0 5 10 15 20 25 30 35

It's a necessary EVIL

I hate my job

It's an o.k. job

I love my job

Money As A Motivator !!!Which of the following best describes your attitude

toward your salary?

24

25

21

16

14

0 5 10 15 20 25 30

One of the worst

Below Average

Average

Above Average

One of the best

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?

8

17

21

25

29

0 5 10 15 20 25 30 35

One of the worst

Below Average

Average

Above Average

One of the Best

What are your plans for staying with or leaving the organization?

21

79

0 20 40 60 80 100

Will leave assoon as I get a

better job

No plans to quitat this time

I am proud to work here

Best Employers in India

• 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

India’s Biggest Wealth Creators

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

People Strategy

Job Content

CompensationWork Environment

Culture

Learning Opportunities

Overseas Exposure

Image of the organisation

Retention Strategy

Earning

Learning Pride

Fun

Profiling Leadersplanting shade trees for the future

Under Performers Stars

Strugglers Solid pros

Performance

Pot

enti

al

low high

low

high

10- 20 % 20 – 30 %

5- 10 % 50 – 55 %

10 Key Factor Survey

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

How are we doing?

Give your organization a “grade” (A, B, C, D, or F) for each criteria listed below.

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

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

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.

You must get money to

chase you,

but never let it

catch you.

Chase your passion

Not your pension

What worked yesterday

Won’t work today

Does

ONLY

Compensation Motivate?