NIIT INC.

NIIT Inc. is a global IT service

corporation. NIIT’s compensation
plan has given the company a
competitive edge in attracting and
retaining talent. The plan has
resulted in a turnover rate of less
than 9%, significantly lower than
the industry average of more than
30%. NIIT has developed a
compensation package which
apart from basic salary contains
an additional benefit for the
employees depending upon their
skills.
Spirit Fund: The SPIRIT fund (Self
Propelled Initiative for Renewal
and Individual Transformation) is a
fund provided to each employee
for acquiring additional
qualifications on the job, such as,
learning new skills and languages,
membership in professional
organisations, publishing and
presenting papers and attending
personal growth and
development programmes.
President’s Club: This coveted
membership is awarded to
innovative NIITians. Members are
given projects demanding speed
and innovation and receive
opportunities to study and visit
overseas.
Managing Director’s Quality Club
(MDQC): High achievers and high-
quality employees are inducted
into MDQC and given
opportunities to contribute to the
deployment and internalisation of
quality control within the
company.
Excellerator Award: Employees
who receive the annual excellence
award three times in their career
receive the coveted Excellerator
Award. A room is dedicated to
their name and a plaque with
their photograph and citation is
presented at an award gathering.
 The Family NIITian is nurtured
through allowances, holidays and
financial plans that address
immediate and extended family
needs. NIIT sets money aside for
holiday season and vacation
allowances so that employees can
handle the added expenses
associated with vacations and
holiday gift-giving. In addition,
NIIT provides a flexible savings
plan as well as world-class health,
life and disability insurance plans.

After studying this chapter, you should be able to: Understand the theories
of compensation

Know the factors influencing compensation strategies

Explain about the organisational as well as compensation strategies

Discuss the structure of compensation strategy

Describe the components and significance of corporate strategy

Learn the concept of developing compensation strategy Explain the compensation
plans and its types