Roll no. 21184
Assuming this scenario in “INFOSYS”, which is employing both Management and Engineering graduates, is experiencing an acute retention problem.
View of Compensation and Benefits
Payroll department in the company believe compensation and benefits plans should support a company’s mission and drive the outcomes and behaviours which will contribute to its success, support the business, as well as attract, motivate and retain top talent.
Dissatisfaction with pay practices is one of the top reasons employees leave an organization. The compensation also aims at creating appropriate strategies and plans that support business goals and increase performance and retention.
As the company is growing rapidly, there is a need to create incentives for employees to move quickly through vertical career tracks. The company also foresees across-the-board increase, pay for skills and competencies.
|Objectives |Reward Program Components |
|Individual Results and Outcomes |Base Salary Increases |
|Individual Skill and Competency |Short-term Bonus/Incentive |
|Development Project and Team Assignments |Recognition and nontraditional |
|Organizational Success |Rewards Long-term Incentives |
Like compensation, a company’s benefits package can help attract and retain employees. While compensation more often drives an employee’s decision to join an organization, benefits are more often the glue that keeps them there.
The payroll department needs to create first