1 . Summarise the recent trend of reward systems in India.
The current trend is one of integrated reward approach. Prize system usually mean the financial incentive on firm gives the employees in return for their work. While the term reward system, not only contains material rewards, but also nonmaterial advantages. The components of the reward program consist of monetary rewards (basic and performance pay) and staff benefits, which together comprise total remuneration. They also consist of nonfinancial rewards (recognition, advertising, praise, achievement responsibility and private growth) and many circumstance a system of performance managing. Pay agreements are central to the social initiative because they are the most real expression with the working marriage between workplace and worker. � The integrated incentive system includes: �
Task evaluation and profiling�
Determining key performance indicators�
Evaluation and customization of pay levels and structures to reflect both internal and market relativities� Designing of performance analysis processes�
Structuring of person, team and corporate performance bonuses� Social environment surveys with focus on remuneration�
Designing versatile benefits plans�
Implementation of recent reward pieces in payment package� Implementation and assistance in modify communications�
Working out for internal professionnals in incentive structure preparing and maintenance�
Performance Based Reward is based on the definition of key functionality indicators identified as part of work evaluation, and linking these types of indicators with reward pieces. A combination of performance measuring system and additional mindset components gives an integrated performance-based reward program. � Versatile Benefit Techniques are a contemporary approach to the management of budgets pertaining to staff remuneration. Employee benefits constitute a substantial portion of staff costs, but are often expended without the wanted effect seeing that employees will not perceive the total value of benefits. This system increases the effectiveness and enable better control. � Why prize system is essential? �
These types of components will probably be designed, produced and maintained on the basis of reward strategies and policies that is created inside the context of the organizations among strategies, lifestyle and environment: they will be supposed to fulfill the subsequent broad seeks;
1 . Increase Organizational Efficiency: Support the attainment in the organization's quest, strategies, and help to achieve environmentally friendly, competitive edge.
2 . Support and change tradition: Under pin number and as necessary help to replace the 'organizational culture' as expressed through their values intended for performance advancement, risks currently taking, quality, overall flexibility and team working.
three or more. Achieve The usage: Be a built-in part of the management process of the business. This involves playing a key role in a mutually reinforcing and coherent variety of personal plans and procedure. �
5. Supportive Managers: Support individual managers in the achievement with their goals.
five. Motivate Employees: Motivate staff to achieve high levels of top quality performance.
6. Compete inside the Labour Industry: Attract and retain good quality people.
several. Increased Determination: Enhance the determination of workers to the business that will a) want to be members of it, b) produce a strong opinion in and acceptance of the values and goals with the organization and c) be ready and willing to exert significant effort upon its behalf.
8. Fairness and Collateral: Reward persons fairly and consistently according to their contribution and beliefs to the organization.
9. Better Skills: Upgrade competence and encourage self improvement.
10. Superior Quality: Help to achieve continuous improvement in levels of top quality and customer care.
11. Develop team working: Improve co-operation and effective team functioning at all level.