Rewards and Employee Production in Relevance to Performance Management
Presented to: Prof. Uma Bal Kumar
Presented by: Pradeep Tokas Sanjay Rauth Saif Siddique Natasaha Singh
What does Total Reward mean?
All of the tools available to the employer that may be used to attract. Total rewards include everything the employee perceives to be of value resulting from the employment relationship.
. motivate and retain employees.
motivate and retain employees.Elements of Total Rewards
What are the elements of total reward?
There are five elements of total rewards. practices. each of which includes programs. These elements are:
1 2 3 4 5
Work life performance
Recognition and development
. elements and dimensions that collectively define an organization's strategy to attract.
effort and skill).
Benefits :Benefits Programs an employer uses to supplement the cash compensation that employees receive. Compensation comprises four core elements: Fixed pay Variable pay Short-term incentive pay Long-term incentive pay.e. These programs are designed to protect the employee and his or her family from financial risks Social & group Insurance Pay for Time Not Worked
..Elements of Total Rewards Elaborated
Compensation :Compensation Pay provided by an employer to an employee for services rendered (i. time.
Performance and Recognition: Performance involves the alignment of organizational. behavior or performance.Elements of Total Rewards Elaborated
Work-Life :Work-Life A specific set of organizational practices. Acknowledges or gives special attention to employee actions. programs. policies. which actively supports efforts to help employees achieve success at both work and home. team and individual effort toward the achievement of business goals and organizational success. efforts.
. There are seven major categories of organizational support for work-life effectiveness in the workplace. plus a philosophy.
development engages employees to perform better and leaders to advance their organizations' people strategies.Elements of Total Rewards Elaborated
Development and Career Opportunities : Development and Career Opportunities Development A set of learning experiences designed to enhance employees' applied skills and competencies.
The exchange relationship
The Employer provides total rewards valued by the employee
The Exchange Relationship
The Employee provides time. effort and result
Basic Categories of reward
No compensation award: Those beneficial factors related to the work situation and well-being of each employee. Two Basic Categories of Rewards
Compensation rewards: Those given in return for acceptable performance or effort.
. They can include nonfinancial compensation.
Salaries can provide control over salespeople s activities. and reassignments are less of a problem.
. Disadvantages: Salaries offer little incentive for better performance. Salary compression could cause perceptions of inequity among experiences salespeople. Salaries are useful when substantial development work is required. Salaries represent fixed overhead.Basic Categories of reward
Financial Compensation: Straight Salary are simple to administer Planned earnings are easy to project.
Basic Categories of reward
Nonfinancial Compensation Opportunity for Promotion: The ability to move up in an organization along one or more career paths Sense of Accomplishment: The internal sense of satisfaction from successful performance Sales managers should facilitate salespeople s ability to feel this a sense of accomplishment
Basic Categories of reward
Nonfinancial Compensation Opportunity for Personal Growth: Access to programs that allow for personal development (e.g.. tuition reimbursement. leadership development seminars) Recognition: The informal or formal acknowledgement of a desired accomplishment Job Security: A sense of being a desired employee that comes from consistent exceptional performance
Monetary/Non Monetary awards
Following are some of the monetary/non monetary awards
awards.Money is the best award
oney is the best reward : Money is the best reward Pay for performance specially money act as the most efficient reward for the employee motivation for the goals of the organization to achieve but at the same time non monetary benefits like recognition.
. decision sharing and making decision many too plays a vital role in enhancing the efficiency and productivity of an employee.
Rewards and Recognition : Examples from the field
Larson and Turbo is giving awards to employees who have performed well.
. mementos. in terms of money. On the basis of evaluation reports of the employee HRD department of Larson and Tubro they plan special skill development training for employees. Quarterly review is done by Project Manager and employees get salary increment and promotion if the performance is good. Some cases employees get promoted. certificates stating best employee.
They have welfare activity group which is always in process of rebuilding and improving facilities for employee. group life insurance/ education assistance to children social member ship. Larson and Turbo is providing monitory assistance to employees and they make bonds.
. Some Employees at executive level get education expense also. Canteen facilities at very low cost. employees get salary during their education period. club membership.Rewards and Recognition : Examples from the field
Welfare facilities: Company is providing various working facilities like medical insurances. Career development facilities: Employees who are willing to study further.
Simply the Best . Appreciation letters 4.Rewards and Recognition : Examples from the field
Some of the recognition categories are given to employees: 1. Holiday Plan
. Thank you slips 2.Team Award 5. Pat on back 3.
. and encouraging individuals to go beyond their scope of work. Reliance places great emphasis on soft. and contribute innovative ideas in meeting the targets of the company. and Quality and Documentation is given high importance. Employee commitment to areas like Human Resource Development. Industrial Relations. especially at managerial levels.Rewards and Recognition : Examples from the field
Reliance's appraisal and reward system is aimed at increasing employee involvement in the goals and objectives of the organization. conceptual and cross-functional skills. Health. undertake voluntary projects that enable them to learn. Safety and Environment.