HR Event winning ppt from SCMHRD at Sanskriti09: ATHENA

8/14/2019 HR Event winning ppt from SCMHRD at Sanskriti09: ATHENA

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Presented by:Presented by:

SCMHRDSCMHRD

Compensation Management: ACompensation Management: Astrategy for attracting andstrategy for attracting and

retaining best talentretaining best talent


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Flow of the presentation


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The top talent managementchallenges faced

: ,Source Talent Management survey 2007 by HCI


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How is increased competitionfor talent impacting the

organizations

: ,Source Talent Management survey 2007 by HCI


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y peop e o n s ay w eorganization?

Fo r Pe o p le Like M e

Fu n p la ce to w ork

In n o va tive C om p a n y

Tra in in g

/y o r o th e r m o n e ta ry b e n e fits p ra ctice s

C a re e r g ro w th o p p o rtu n itie s

O p p o rtu n itie s

A ttra ctive w o rk lo ca tio

Fam ilia rity w ith ta sks o r O p p o rtu n ity to d o w h a t I w a n t to d o

Expect success at the task

- W o rk life b a la n


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How Compensation Managementleads to attracting and retaining of

talent


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Pa y For Pe rfo rm a n ce

&Talen t d ev Plan n in g

Retain

Retain

Attract


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Components ofcompensation

St t i t tt t d t i


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Strategies to attract and retaintalent related to compensation

management

If you come formoney, you would

leave for money


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ESOPs

Flexible work timings

Training

Study leave

Post retirement benefits

Chauffer driven car at certain level

Opportunity to move laterally as wellas vertically


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Pay for performance & timebased approach


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Specific strategies forattracting talent

Organization Level Strategy


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Organization Level Strategy

Entry Level At entry level the proportion of fixed pay should be more than the variablepay.At entry level the base pay should at least be at the average market pay

level.

Middle Level As the level gets higher the proportion of variable pay should increase.For experienced candidates the compensation should pay them for theirknowledge and experience.For specialist the compensation package should keep in mind the

component for their rare skill.Pay around 60th 70th percentile for important jobs in the organization.

Top Level In n o v a tiv e b e n e fits a n d p e rks w h ich a d d to th e ir life style s

.and status La rg e p a rt can b e va ria b le d e p e n d in g o n th e b u sin e ss

.p e rfo rm a n ce a fte r th e y jo in


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Specific strategies for retainingtalent


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Co

mpensation

Band I Band II

Max1

Min1

Max2

Min2


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Conclusion


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References


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Compensation Decision Making by Thomas J.

Bergmann & Vida Gulbinas Scarpello

New Compensation /management in changingEnvironment by S.K. Bhatia

Compensation by Milkovich Newman

Compensation management: Rewardingperformance in the modern organization byRichard I. Henderson

Talent Management survey 2007,by Human

Capital Institute www.shrm.org


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HR Event winning ppt from SCMHRD at Sanskriti09: ATHENA

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