Hrm Rewards
-
Upload
sagarsirohi -
Category
Documents
-
view
2.769 -
download
2
description
Transcript of Hrm Rewards
REWARD SYSTEM
Prepared by:Rupender SharmaPushpanjaliSagar sirohiSanchita sharma
WHAT IS A REWARD…..
USED BEFORE THIS HAPPENS……
WHAT IS A REWARD SYSTEM?•An employee reward system consists of an
organizations integrated :▫Policies▫Processes▫Practices
• For rewarding its employees in accordance to their • Skills• Competence• Market worth
REWARD STRATEGY•All the employee's available tool that may
be used to ▫attract▫retain▫motivate ▫satisfy employee
•It links company’s▫strategy▫pay system ▫employee behavior
COMPONENTS OF TOTAL REWARD SYSTEM•Financial Rewards•Employees Benefits (Total Remuneration)•Non Financial Rewards( Recognition,
praise, achievement)•Performance management and personal
growth processes.
OBJECTIVES OF REWARDS-ORGANISATION POINT OF VIEW•To drive desired behavior in employees.•To attract, retain and motivate high
quality people.•To communicate organization values.•Encourage behaviors that will contribute
to achievement of organization objective.•Support quality, customer care, team
work and innovation.
OBJECTIVES OF REWARDS-EMPLOYEES POINT OF VIEW•Treat them as stake holders•To meet their expectations that they will
be treated with equality, fairly and consistently.
BUSINESS STRATEGY
HR STRATEGYHR STRATEGY
REWARD STRATEGY
PERFORMANCE MANAGEMENT
FINANCIAL REWARDSNON FINANCIAL
REWARDS
FINANCIAL REWARDS
PERFORMANCE MGMT
NON FINANCIAL REWARDS
BASIC PAY
EMPLOYEE BENEFITS
VARIABLE PAY
BONUS
ALLOWANCES
INCENTIVES
RESPONSIBILITY
ACHIEVEMENT
RECOGNITION
TOTAL REMUNERATION
TOTAL REWARD SYSTEM
FINANCIAL REWARDS
Any reward which is paid in terms of money It includes• Basic pay• Employee benefits• Variable pay
BASIC PAY
•Fixed salary or wage that constitute the rate for the job.
It can be•Annual•Monthly•Weekly•hourly
EMPLOYEE BENEFITSThese are pay which are given indirectly in
the form of•Pensions•Sick pay•Insurance cover•Company car•Mobile phone
VARIABLE PAY/ CONTINGENT PAYAdditional financial rewards that are based
on Performance Competence Contribution Skills ExperienceIt is not added To the BASIC PAY
VARIABLE PAY CAN BE IN VARIOUS FORMS•Individual performance based
Bonuses
•Reward for successful performance
Incentives
•Payment linked with the achievement of previously set targets which are designed to motivate employees. Based on output like sales.
Commission
• A special form of incentive in which the employee is paid some margin of profit he earns for the organization.
Allowances
•Elements of pay in form of a separate sum of money for ▫Overtime▫Shift working ▫Call outs
Other forms of pay
•Service related pay•Competence related pay•Contribution related pay•Skill based pay•Career development pay
TOTAL REMUNERATION
•All cash payments and benefits received by employee
NON FINANCIAL REWARDS
•Include any reward which focus on need of people for▫Achievement▫Recognition▫Responsibility▫Personal growth
TOTAL REWARDS SYSTEM
•All the employers available tool that may be used to ▫attract ▫retain ▫motivate ▫ satisfy employee is TOTAL REWARD SYSTEM
WHY TO GIVE REWARDS…?
REWARD SYSTEM IN GENPACT
•Rewards based on performance.•Rewards based on punctuality.•Cheers points •Weekly awards•Special rewards
Cheers points
•Extra responsibility•Recognition for Lean Idea•Weekly Awards•Special Purpose Rewards