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Submission Id : 180828102722
Submitted Date : 28-Aug-2018 10:30:56
SIMILARITY REFERENCE

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SDMIMD Compensation Management 2018 COMPENSATION MANAGEMENT PROJECT ON REATAIL AN
D MANUFACTURING SECTOR SUBMITTED TO: DR. MOUSUMI SENGUPTA DATE OF SUBMISSION:
06th AUGUST 2018 GROUP 5 Group Members 17012 Harshith Gowda 17049 Nihal M S 17080 Regina Vaz
17095 Vishwas C 17112 Jishnu Sudarshan 17147 Varshanath M SDMIMD Compensation Management 2018 C
ontents Introduction...............................................................................................................................................3 Bac
kground of Retail sectors...................................................................................................................3 Retail Sector......
.........................................................................................................................................3 Retail Industry classifcaaon..
..................................................................................................................3 Growth in Retail Industry............................
.............................................................................................4 Major players in Retail Sector in Indian and Global m
arket................................................................5 Future of the Indian retail industry......................................................
....................................................5 FUTURE GROUP.....................................................................................................
................................6 Introducaon......................................................................................................................................
.......6 BIG BAZAAR............................................................................................................................................7 Com
pensation structure............................................................................................................................9 SHOPPERS STO
P LTD............................................................................................................................12 General Electric Company..
....................................................................................................................19 Introducaonn..............................................
............................................................................................19 Compensation Structure..................................................
.......................................................................22 Apple.....................................................................................................
....................................................27 Introduction...............................................................................................................
...........................27 Compensation structure at Apple....................................................................................................
........28 Conclusion:..............................................................................................................................................32 Refer
ences.................................................................................................................................................32 SDMIMD Comp
ensation Management 2018 Introduction Background of Retail sectors Retail Sector Retail market involves the
process of selling consumer goods and services to customer through various multiple channels of distribution. I
1 2
ndian retail sector is the fifth largest preferred retail destination globally. retail industry is one of the fastest gro
wing in the and is expected to grow to $ 1.3 trillion by 2020. Indian retail sector is experiencing exponential gr
owth not just in metro, but also in Tier 2 and Tier 3 cities also. Indian retail is taking to online retail in a big
way. The Government of India has introduced Foreign Direct Investment in retail industry up to 51 percent F
DI is allowed in multi-brand retail and is now increased to 100 per cent. Retail Industry classification The Indi
an Retail industry can be broadly categorized into namely- organized and unorganized retail. Organized retail:
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Organized retailers are certified and approved by government or a corporate body for trading activities and regi
stered to pay Indian Retail sector has seen growth in the organized segment over the past few years. Major dom
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estic players have stepped the retail field with long term, ambitious plans to expand their business verticals, citi
es and formats. SDMIMD Compensation Management 2018 Unorganized retail: The remaining percentage of s
hare is taken up by the unorganized sector. It consists of unsanctioned small shops - orthodox ‘Kirana’ shops,
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general stores, corner shops among various other retail outlets. Even though these aspects persist, this unorgani
 3 6
zed sector of retail is the radiating force of Indian industry. Growth in Retail Industry The Indian retail industr
y has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It acc
ounts for over 10 per cent of the Gross Domestic Product (GDP) and 8 per cent of the India is the world’s fifth- l
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argest global destination in the retail According to the Yes Bank – ASSOCHAM study, the retail market is exp
ected to reach a whooping US $ 1.1 trillion by 2020, as it expands at a compounded annual growth rate of 12 pe
r cent. The retail which includes the organized and unorganized retail, was at INR 23 lakh crore in 2011-12. Acc
ording to the study, organized retail, 2011-12 it comprised of just 7% of the entire retail market, is expected to
3
grow at compounded annual growth rate of and attain 10%. According to said DS Rawat, Assocham Secretary s
ome of the reasons for such a tremendous growth are as follows: Promising demographics Growing urbanizat
ion Nuclear Families Rising affluence among consumers Growing preference for branded products and higher
ambitions are other factors which will retail consumption in India The Indian Retail sector has flourished & rev
olutionized over last decade with an evident shift towards organized sector. A US Based global management,
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A T Kearney, consulting firm has ranked India 4th most attractive nation for retail investment among 30 flourishi
ng markets. Compensation Management 2018 Major players in Retail Sector in Indian and Global market India
n Players Global Players Reliance Retail Ltd Walmart stores Pantaloons Retail Ltd Costco Wholesale Corporati
on Provogue India Ltd Kroger Company Shopper Stop Walgreens Boots Alliance ITC -LRBD Tesco PLC [ CI
3
TATION ht1711 \l 16393 ] Future of the Indian retail industry According to panel members at the seventh Fo
od and Grocery Forum India, are many opportunities in food and grocery retail in India, as it constitutes about 6
9 per of India’s total retail market. The Indian retail market, currently at $490 billion, is expected to grow at a co
mpounded growth rate of 6 per to reach $865 billion by Modern retail with a penetration only 5% is expected to a
bout six times from the 27 billion USD to 220 USD, across all categories and Organized Retail is emerging as the
phenomenon in India and despite slump, the market is growing As economic growth brings more India’s people in
to the consuming classes organized retail lures more and existing shoppers, by 2015, more 300 million shoppers are
likely patronize organized retail chains.Thus, with tremendous potential and huge population, India is set for hi
gh growth in consumer expenditure. With India's large ‘young’ population and high domestic consumption, the
macro trends for the sector look favorable. SDMIMD Compensation Management 2018 FUTURE GROUP Intr
oduction Future Group is India’s leading business group that caters to the entire Indian consumption space. Led
by its founder and Group CEO, Mr. Kishore Biyani, it is one of India’s leading business houses with multiple
business spanning across the consumption space. It operates through six verticals: Retail, Capital, Brands, Spac
e, Media and Logistics. Future Group understands the soul of Indian consumers. As one of India’s retail pioneer
s with multiple retail formats, company connect a diverse and passionate community of Indian buyers, sellers a
nd businesses. The collective impact on business is staggering: Around 300 million customers walk into the sto
res each year and choose products and services supplied by over 30,000 small, medium and large entrepreneurs
and manufacturers from across India. And this number is set to grow. Future Group employs 36,000 people dir
ectly from every section of our society. The company source supplies from enterprises across the country, creat
ing fresh employment, impacting livelihoods, empowering local communities and fostering mutual growth. They
believe in the ‘Indian dream’ and have aligned our business practices to larger objective of being a premier c
atalyst in India’s consumption-led growth story. Working towards this end, they are are ushering positive socio-
economic changes in communities to help the Indian dream fly high and the ‘Sone Ki Chidiya’ soar once again
. This approach remains embedded in ethos even as they rapidly expand their footprints deeper into India. So
me of its leading retail formats include, Pantaloons, Big Bazaar, Central, Food Bazaar, Home Town, E Zone, D
epot, Health & Beauty Malls and online retail format, futurebazaar.com. Future Group’s vision is to, “deliver E
verything, Everywhere, Every time to Every Indian Consumer in the most profitable manner.” The group consi
ders ‘Indian-ness’ as a core value and its corporate credo is - Rewrite rules, Retain values.) The company follo
ws multi- format retail strategy that captures almost entire consumption of Indian consumers. In the value segm
ent, its marquee brand Big Bazaar is a hypermarket format that combines the look and feel of Indian bazaars
with the choice and convenience of modern retail. Every day, Future Group brings multiple products, opportuni
ties and services to millions of customers in India. Through more than over 17 million square feet of retail spa
ce, the company SDMIMD Compensation Management 2018 serve customers in more than 240 cities across th
e country. Most of all, the company help India shop, save and realize dreams and aspirations to live a better q
8
uality of life every day. Future value brands The Future Group has built a strong portfolio of some of the faste
st growing consumer in India. This activity is led by: Future Brands India Limited, a subsidiary company set
up to create and build powerful brands that address the aspirations of the new Indian consumer. Leadership: to
be a leader, both in thought and business Respect & Humility: to respect every individual and be humble in
our country Future Group Firms Pantaloon Retail (India) Limited Home Solutions Retail India Limited Futu
re Brand Limited Future Supply Chain Solutions Limited Pantaloon Food Product (India) Limited Future Ca
pital Holding Limited Future General India Insurance Company Limited Future General India Life Insurance
Company Limited Future Bazaar India Limited Winner Sports (P) Limited Staples Future Office Products (P
) Limited Talwalkars Pantaloon Fitness (P) Limited BIG BAZAAR Big Bazaar is a chain of department stores
in India currently with more than 100 outlets. It is owned by Pantaloon Retail India Ltd, FutureGroup. It work
s on the same economy model as Wal-Mart and has been successful in many Indian cities and small towns. T
he idea was pioneered by entrepreneur, Mr. Kishore Biyani, the CEO of FutureGroup. Currently Big Bazaar sto
res are located only in India. Big Bazaar caters to every need of your family. Where Big SDMIMD Compensa
tion Management 2018 Bazaar scores over other stores is its value for money proposition for the Indian custom
ers. Since its first outlet open in Kolkata in late 2001, Big Bazaar has spread to towns and cities with currentl
y 106 outlets. These multi-level shopping meccas stock everything from food to fridges, and cookware to cloth
es. It has been especially designed to Indian consumers. With slogan “Is se sasta aur accha aur kahin nahi”, the
Big Bazaar targets itself directly at the average Indian love for following the crowd and scrambling for good
4
discount. Target Consumers: Big Bazaar targets higher and upper middle class consumers, the large and growin
g young population is a preferred consumer segment. Big Bazaar specifically targets working women and home
makers who are the primary decision makers. BIG BAZAAR People management system is built on 5 pillars
of people based growth: Culture Building Performance Management through Balanced Score Card People Pr
ocesses Management Processes & Rewards The employees are rewarded suitably with attractive pay packages.
The salary of an employee includes basic pay, HRA, special allowance, PF, ESI, Medic-claim etc. Annual bon
us will be given at the time of Diwali. The employees and their dependents are also entitled for medical treat
ment in recognized hospitals with cashless hospitalization with whom the company has tie- ups. If a hospital is
 5
not recognized, the amount spent by the employee will be reimbursed. Along with these all the employees are
given a known as ‘Employee Discount card’ (EDC) through which they can buy any product at Big Bazaar at
a special discount of 20-30 %. Leaves and other rules An employee during his probationary period is entitled f
or 7 days of leave. A confirmed employee is entitled for 30 days of leave in a year. There is only one type of
leave the employees can take which is known as All Purpose Leave (APL). All the employees will be given i
dentity cards which they have to wear and also swipe while at the time of entering and leaving the store. SDM
IMD Compensation Management 2018 Compensation structure First component is the fixed cash. Fixed cash is
the cash that Big Bazaar ensure the employee will get and there won’t be drastic changes in it. Monthly paym
ents: Monthly payments include the following Basic: Basic pay is the minimum wage or the foundation pay gi
ven by Big Bazaar to its employees. It follows the pay range /band method. Constant increment is not given to
the employees, as Big Bazaar shows flexibility in paying increment based on the profits and net earnings. Al
lowances: Additional compensation benefit that is given apart from basic pay. Allowance has nothing do with
performance and once promised is given to the employees. Big bazaar gives the following allowances to its e
mployees: House Rent Allowance (HRA): 60% of the basic pay is given to the employees. Transport Allowan
ce: INR 1600 is fixed for every month. Adhoc Allowance: Adhoc payments are made by Big Bazaar employe
rs to sick or injured employees on a flexible basis and not according to a pre-existing salary plan. Gross per
Month (GPM): Is the summation of all the allowances (HRA, Travel Allowance and Adhoc Allowance) that a
re given and the basic pay GPM = Basic + TA+ Adhoc Allowance Gross Per Annum (GPA): Is obtained by
multiplying GPM with 12. This gives the annual value. GPA = GPM*12 Annual payments: Annual payment th
at is given are Ex-Gratia – It is the sum of money which is given by the employer to employee without any
moral or legal obligations. Big Bazaar gives annual one month’s basic to the employees as a form of Ex-gratia
payment. Retirals: Retirals include that component of the compensation that Big Bazaar will give to its empl
oyees once they retire. The component paid is as follows: Provident fund – Big Bazaar annually gives 12% of
basic to employee as company’s contribution to provident fund. Given annually. SDMIMD Compensation Man
agement 2018 The annual guaranteed cash that Big Bazaar pays to its employees is the sum of Gross per annu
m (which is the sum of Basic, HRA, and Transport Allowance), Annual payments and Retirals. Second compon
ent is the Annual Variable Cash Third component is the Fixed Benefits which includes: ESIC Members-Avera
ged Premium amount – 4.75% of Gross Annum Gratuity – 4.81% of Basic pay Key Stats for Future group So
urce: [ CITATION pay2 \l 1033 ]Big Bazaar’s comparison with other employers Annual Guaranteed cash is th
e sum of = GPA + Annual payments +Retirals COST TO COMPANY = Total Annual Cash +Fixed Benefits +
Variable Benefits SDMIMD Compensation Management 2018 Source: [ CITATION big \l 1033 ] SDMIMD C
ompensation Management 2018 SHOPPERS STOP LTD Shoppers Stop Ltd is a company engaged in retail bus
iness. It deals with household and consumer products. It is promoted by K Raheja Corp Group (Chandru L Ra
heja Group), in the area of real estate developments and hotels, this group is a leading player. In India, Shoppe
rs Stop Ltd has got about revolution in retail industry. It has created a benchmark in Indian retail industry. It d
eals also deals with home décor, stores of book and maternity care & infant care along with this flagship depar
tmental stores business. It operates in 40 cities approximately and has around 80 departmental stores. It produc
ts include apparel and non-apparel. It has around 400 national and international brands and it is India’s premiu
m destination for fashion and lifestyle. And it’s an only Indian member of the Inter-Continental Group of Depa
rtment stores. A reward-based loyalty programme called “shoppers stop first citizen’’ is the biggest and most s
uccessful programme. This programme has contributed over 72% of total sales and growing customer base was
around 2.3 million members contributing to sales. Shoppers Stop Ltd has 6 private brands namely: STOP Ka
shish Life Haute Curry Velorio Fratini Elliza Donatein. Shoppers stop Vision: “To be a trusted and inspirat
ional brand, and the customer’s life is transformed through fashion and delightful shopping experience.” Shoppe
rs stop Mission: SDMIMD Compensation Management 2018 Having a digital touch points by 2020. Their targe
t is 15% revenues through digital medium. The Mission and vision of the company is achieved by certain set
of values such as: Excellence Openness Care Integrity Innovative Socially responsible Hr policies followe
d in shoppers stop: For any HR manager it is a challenging task to retain the employees of an organization. In
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order to develop skill of an employee various strategies can be used which ultimately results in the increase th
e efficiency in the performance of an individual as well as organization. Study the HRM Policies and Practices
followed in Shoppers Stop: In brief HR policies of organization provides a framework for: Service Rules. P
romotion Policy & Rules. Wage Structure. Employee motivation & welfare schemes. Health & safety rules.
Training and development etc. Working environment of shoppers stop: Certain principles are followed by the
company to ensure that their employees get good working environment. There should be professional and pers
onal development. Disclosure of any confidential information leads to legal obligations. Transparency and ope
nness while working. Working in another organization is prohibited. Customer’s rights and values is given ut
most importance. SDMIMD Compensation Management 2018 For smooth working condition, smooth functioni
ng is important. Customer Service rules are determined to employees. Proper knowledge is provided to emplo
yees about their rights and duties. Code of conduct of shoppers stop are determined. In order to show the eq
uality between the customers uniform dress code is extremely important. The nature of Trade work approach s
hould be fair. Willingness to ask for an apology and forgive. Contribution to society while working and whil
e achieving organizational goals. Respect should be given to each and every employee. The top management
people has to set an example for self-motivation and self- commitment. At most importance is given to loyalt
y. Employees are not supposed to use the organizational property for their personal goals. Employees are not
supposed exploit the organizational information In order to achieve business objective every employee should
devote his full attention in the organization. [CITATION Sho \p 2016 \y \l 1033 ] Promotion policy of shopper
s stops: Shoppers stop treats all its employees as equal and equal importance is given to each and every emplo
yee. Its promotional policy was tailored on the term of 360 degree appraisal. In the case of the promotion of t
he particular employee the head of the respective department takes the decision on the promotion of a particul
ar employee. In the 360 degree appraisal the employee’s ability and SDMIMD Compensation Management 201
8 capability towards the work is evaluated by the person who is at different organizational level. Hence the cle
ar report of the performances of the employees can be obtained by this method. Training and development pro
grammers: The following are the training programs conducted in shoppers stop. On job training Sales trainin
g Computer based training Customer management training Self-directed training. Staffing: It’s very important
to know candidates ability so that one will have a vague idea about how the candidate will perform in this job
and how he can carry out his roles and responsibilities. Certain staffing procedures will be followed in shoppe
rs stop, it goes as follows: Intelligences test Group discussions Unstructured interview Training methodology
followed in Shopper’s stop: A. Employee orientation programme: The basic information about the organization
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is given to new employees regarding the code of conduct and other aspects in the organization. Programmes li
ke orientation programmes is conducted to specify the roles and responsibilities of the employees for the specif
ic task to be performed. B. Job instruction training: The employees are trained for the basic tasks that has to b
e performed and trained with the key points to achieve goals. C. Virtual classroom: SDMIMD Compensation
Management 2018 The learning environment is provided which uses collaboration of software’s. Suitable perfor
mance management system in order to check on employee’s performance. D. On demand recruiting services: S
hort term specialized recruiting service which support specific projects without the expenses of retaining traditi
onal search firms is provided. E. Apprenticeship training: This process includes the combination of the classroo
m instruction and on job training by which employees. By this the employees become skilled for their particula
r job. [ CITATION Sto \l 1033 ] Succession planning: In this regard, leadership quality is developed for each a
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nd every employee. As in most of the cases many of employees will be directly in touch with the customers. I
n such cases the employees will be representing the company .so he will have to take charge of this. Compens
ations and Reward The company sets a benchmark in the compensation and benefits through consultants, with t
he best in the industry to pay our associates accordingly. Compensation cost using the intrinsic value of the st
ock option, the difference between employee compensation cost so computed and the employee compensation c
ost that shall have been recognised if it had used the fair value of the option, shall be disclosed. The compens
ation for the directors and senior management will be determined by the committee and recommended to the b
oard for approval. To link the remuneration to the company’s performance they have profit link Reward Schem
e (PLRS) and a long term incentive in the form of stock option. The remuneration package may comprise the
following components: Fixed remuneration Performance based Remuneration( variable Salary) Use of officia
l car to the executive directors as may be decided by the Board Leave travel allowance accordingly to the pol
icy of the company House rent & other allowanced according to the policy of the company Employee Stock
option Other benefits as may be approved by the board on the recommendation of the committee SDMIMD C
ompensation Management 2018 The company has launched the new scheme to calculate the cost of stock optio
n granted to employee on 31-07-2015, with the contractual life of 4 years. In the year 2017-18 the company ha
s allotted 60020 shares to its employees. Employee benefits: The company provides the provident fund for all
the qualifying employees. The company’s contribution to provident fund aggregating 1111.86 lacs. Retirement c
ontribution plan in the company is been operated by the government. Gratuity is been paid according to the Gr
atuity Act, 1972. Employee benefit in the year 2018 is 193.22 lacs and in 2017 it is 298.83lacs. when it is co
mpare in the year 2018 the Gratuity has been reduced by 95 lacks. Leave Benefits: The employee get a paid le
ave for 15 days in the year. Employees are sent to domestic and international trips to build their team. In the
year 2017 it is and in the yearc703.89 lacks and in the year 2018 is has been reduced to 628.60. Computation
of Employee Benefit (in lakhs) Particulars Cost for 2018 Cost of 2017 Salaries and wages 27272.68 24991.31
Contribution to Provident and other funds 1881.63 1698.71 Share based payment cost 10.63 65.22 Staff welfare
expenses 969.83 595.13 TOTAL 30134.77 27350.371 In the year 2018 the employee’s other than Salary has b
een increased by 21%. The average percentage increase in salaries for managerial personnel was 10%. Gross p
er month: Is sum of all the allowances and benefits along with the basic pay GPM =Basic+ Allowances + bene
fits SDMIMD Compensation Management 2018 Gross per Annum+ GPM*12 Average salary distribution Retail
Particulars Average salary ( per year) Personal Shopper 233380 Visual Merchandiser 308823 Merchandiser 34
0398 Cashier 182591 Retail sales Association 288844 Sales Customer Services Particulars Average Salary Custo
mer Service Representative 12413 per month Customer Care Specialist 13744 per month Senior Customer Serv
ice Representative 15554 per month Particulars Average salary Sales Executive 11645 per month Fashion Cons
ultant 219292 per year Account Executive 332526 per year Sales Representative 12087 per month Inside sales/
Customer Services 10356 per month employee benefts Provision for gratuity leave encashment0 100 200 300 4
00 500 600 Employee Benefts 2015 2016 2017 Ax is T itle SDMIMD Compensation Management 2018 Manag
ement Particulars Average Salary Team Leader 208152 per year Category Manager 299312 per year Administr
ation Manager 365902 per year Senior Operation Manager 200000 per year Human Resources Particulars Aver
age Salary Human Resources Manager 15924 per month Head of Human Resources 218075 per year Human R
esources Generalist 20000 per month General Electric Company Number of Employees: 3,27,000 Introduction:
General Electric Company (GE) is an American multinational conglomerate incorporated in New York and hea
dquartered in Boston. As of 2018, the company operates through the following segments: aviation, healthcare,
power, renewable energy, digital, additive manufacturing, venture capital and finance, lighting, transportation, a
nd oil and gas. In 2017, GE ranked among the Fortune 500 as the 13th-largest firm in the U.S. by gross reven
ue. In 2011, GE ranked among the Fortune 20 as the 14th-most profitable company. As of 2012, the company
was listed as the fourth-largest in the world among the Forbes Global 2000, further metrics being taken into ac
count. Two employees of GE have been awarded the Nobel Prize: Irving Langmuir in 1932 and Ivar Giaever i
n 1973. On June 26, 2018, GE announced the results of its strategic review. GE will focus on Aviation, Power
and Renewable Energy, creating a simpler, stronger, high-tech Industrial Company. In addition to the pending
combination of its Transportation business with Wabtec, GE plans to separate GE Healthcare into a standalone
company, pursue an orderly separation from BHGE SDMIMD Compensation Management 2018 over the next t
wo to three years, make its corporate structure leaner and substantially reduce debt. The company describes itse
lf as composed of a number of primary business units or "businesses." Each unit is itself a vast enterprise, ma
8
ny of which would, even as a company, rank in the Fortune 500. The list of GE businesses varies over time as
the result of acquisitions, divestitures and reorganizations. As of January 2018, GE's primary business division
s are: Current, powered by GE GE's primary business divisions Baked Hughes, a GE Company GE Digital GE
Renewable Energy GE HealthcareGE Lighang GE Power GE Transportaion GE Global Research GE Capital S
DMIMD Compensation Management 2018 PayScale How much does General Electric Co (GE) pay? General E
lectric Co (GE) pays its employees an average of $92,080 a year. Salaries at General Electric Co (GE) range fr
om an average of $58,765 to $144,130 a year. General Electric Co (GE) employees with the job title Chief M
arketing Officer (CMO) make the most with an average annual salary of $292,096, while employees with the ti
tle Receptionist make the least with an average annual salary of $27,740. General Electric Co (GE) Benefits G
eneral Electric Co (GE) offers several pension benefits and perks. Like General Electric Co (GE) workers, a lar
ge number of members of the American workforce participate in employer- funded health plans, through which
a significant percentage of each worker's health insurance premium is funded by their employer. In this setup,
 employers collect tax deductions for their contributions and workers are given the coverage tax-free. General
Electric Co (GE) provides health, dental, and vision coverage. General Electric Co (GE) also offers group life i
nsurance, long-term disability insurance, and short-term disability insurance for accidents or illness. To help se
cure a dependable cash stream later in life, a large number of workers avail themselves of employer-sponsored
retirement plans. General Electric Co (GE) offers defined benefit pension plans and defined contribution pensio
n plans. Businesses with defined benefit retirement plans pay workers a fixed amount upon retirement. With a
defined contribution retirement plan, businesses help workers save and invest for retirement. Retirement & Fin
ancial Benefits Profit Sharing 401(k) Plan Defined Benefit Pension Plan Defined Contribution Pension Plan
Health and Insurance Benefits Health Insurance Life Insurance SDMIMD Compensation Management 2018
Dental Insurance Vision Insurance Long-term Disability Insurance Supplemental Unemployment Severance
Pay Temporary Disability Insurance Scholarship General Electric Co (GE) bonuses: General Electric Co (GE)
pays an average of $4,808 in annual employee bonuses. Bonus pay at General Electric Co (GE) ranges from
$250 to $125,000 annually among employees who report receiving a bonus. Employees with the title Vice Presi
dent (VP), General Manager earn the highest bonuses with an average annual bonus of $125,000. Employees w
ith the title Senior Embedded Software Engineer earn the lowest bonuses with an average annual bonus of $25
0. Compensation Structure Sample of salary of different jobs SDMIMD Compensation Management 2018 Satisf
action level of employees of General Electric when compared to other companies SDMIMD Compensation Man
agement 2018 SDMIMD Compensation Management 2018 SDMIMD Compensation Management 2018 SDMIM
D Compensation Management 2018 SDMIMD Compensation Management 2018 Source: [ CITATION pay1 \l
1033 ] Apple Introduction Success of a company is not only a result of incredible manufacturing capability and
great location. Many times, HR strategy becomes the reason for company to stand strong and grow big to rule
the world. Apple is one example of such company. The important retention factor of Apple is economic rewar
d. Employees will get stock grants periodically if they could contribute something big to the company. They ca
4
ll it an opportunity for wealth creation you will have a nice retirement if you can reach your own individual a
ccomplishment. At a glance, Apple seems to be the worst place to work. Apple’s approach toward employees i
s considered arrogant. Apple only pushes employees to the limit without helping them to reach the limit. How
ever, the strategy seems work well for both company and workers. From the very beginning, workers know that
they could not expect warm family inside the company. They know that they must become something special
to survive. Therefore, without training and development program, workers already learn, train, and develop the
5
mselves. Yet, they do not regret it because they know they will receive amazing return if they could give some
thing incredible for the company. SDMIMD Compensation Management 2018 Compensation structure at Apple
The compensation implemented by Apple has enhanced the competitive advantage of the company. Apple Exe
cutive compensation strategies for the named executive officers consist of the three packages. 1. Long-term equ
ity awards these are given in form of limited stock entities. 2. Cash compensation This compensation package i
s normally based on the performance cash incentive. Performance- based cash incentive compensation has been
implemented in helping Apple attain its business goals, objectives. The performance-based cash incentive as a
compensation strategy compensates a named executive officer for any remarkable work. Such work or tasks inc
lude achieving or realizing some financial objectives or goals that are set by the compensation committee. 3. B
ase salaries Every year, the selected compensation committee determines the officers’ compensations. This com
pensation committee is made up of the entirely independent directors. The main goal of the executive or emplo
yee compensation platform is to attract and retain a gifted, entrepreneurial and an imaginative team of executiv
es. Apple Internally and Market Consistent Compensations Systems Compensation in the Apple Company invol
ves making the decision on how to provide a pay that is fair, equitable and competitive with current market ra
tes. It also involves providing employees with incentive to improve the performance and ensuring that the benef
its are cost effective and consistent with external market. Comparatively, Apple Company maintains a compens
ation strategy that is quite competitive. This has enabled the company to attract a more qualified, creative and
entrepreneurial staff. Apple compensation plan is based on the performance of the employee. In the Executive
compensation plan, executives who bring more success to the company receive more SDMIMD Compensation
Management 2018 compensation. The compensation strategy is internally managed by a compensation committe
e that is composed of the independent directors. The committee decides how much a top employee receives in
form of compensation. The Current Pay Structure Used by Apple Company The Apple Company uses a structu
re that is based on time, specialty, location and the Apple concierge positions inside the Apple store. On a time
basis, Apple pays its employees hourly. Employees are compensated hourly for work done at the company. A
pple Specialist Pay A specialist position at Apple Company attracts an average of $11.64 per hour. This pay ra
te normally ranges from $9 to $16. This difference in the range is brought about by the location and the qualif
ication or experience of the employee. A specialist pay structure at the Apple Company is not a flat salary. Ho
8
wever, specialists become eligible to standard in case they work in the company for a specified time. A specia
list at Apple may be someone who is specializing in Mac Software. Apple Genius Salary and Pay Structure Ap
art from the Apple Store manager, the Apple Genius is one of the highest paying positions at the company. Ap
ple Genius Average Salary is $37,954. Apple Genius low end salary is $32,000. In most cases, this is normall
y the starting salary for the Apple Genius in medium or smaller cities. Apple Genius High-End salary is $49,00
0. A high end genius with this pay structure will normally work in a major city like San Francisco or New Yo
rk. Apple Genius hourly wage ranges between $14 and $25 per hour. Apple Store Concierge Pay The hourly ra
te pay of an Apple store concierge position is from $10 to $14 per hour. The average pay of a store concierge
is $11.34. Apple Store Bonuses Apple employees are entitled to bonuses, and they range from $200 to $5,000
per year. These bonuses are given in form of cash, stock or even Apple Hardware. The bonuses are remunera
ted SDMIMD Compensation Management 2018 on four times a year. Apple Company also uses its hardware as
a bonus. Each employee can be given an iPhone. Employees in Apple are also appreciated by word of mouth.
Apple Store Employee Discounts Apple Company has also a discount program. It acts like a payment structure
although it recognizes the employee’s efforts. The discount is approximately 10% discount on purchases on an
ything in the Apple Store. Once in a year, Apple employees receive a 25% discount on purchases of any equip
ment of hardware. Additionally, the Apple Company gives three vouchers to all its employees per year. Emplo
yees can transfer this voucher to a family member. This voucher will have a 15% discount. Improving the Effe
ctiveness of the Discretionary Benefits Provided By Apple Company Discretionary benefits are benefits that are
offered by the company at its own discretion. In the Apple Company, these benefits are offered in order to ret
ain and attract more employees to the company. The least benefits offered by the Apple Company include trave
l and transportation cost, moving expenses, burial and funeral cost. Employer-Sponsored Retirement Plans and
Health Insurance at Apple Apple Company has one of the best employee insurances and retirement benefits for
its employees. However, the health and insurance benefits normally depend on the position, location and the n
umber of years a person has worked with the company. Apple Company provides a health and life insurance co
ver for all the employees and their spouse, same-sex or domestic partner. Approximately 65 percent of all the
full-time employees are covered with the Apple Insurance plan. [ CITATION ht1 \l 1033 ] Sample of salaries o
f various profiles at Apple SDMIMD Compensation Management 2018 Hourly salary paid at Apple A few of t
he benefits offered at Apple [ CITATION pay \l 1033 ] SDMIMD Compensation Management 2018 Conclusio
n: The compensation policies are similar across the respective sectors i.e. Manufacturing and Retail. Hence it b
ecomes necessary to have a competitive compensation sector in order to attract more employees and retain exist
ing ones. All the 4 companies have performance based incentives, have transparent salary structures. The comp
ensation structure of all the 4 companies ensure efficiency, fairness and compliance. If we take retail stores, w
e see that the employees are not paid much attention. This can be justified with the stakeholder’s view that the
employees just work on temporary basis and have frequent change in floor staff. Some however want to contin
ue but are not happy with the pay and salary structure and chose to jump to other jobs. This paradoxical situat
ion should be avoided by giving them more benefits which will tempt them to stay and serve longer. Referenc
es (n.d.). Retrieved from (htpsn::essayswriters.com:essays:Management:compensaaon- management.html, n.d.) ba
zar, b. (n.d.). Retrieved from htpn::www.payscale.com:research:IN:Employer=Futuregroup:Salarys GE, p. (n.d.).
Retrieved from htpsn::www.payscale.com:research:IN:Employer=GeneralEElectricECoE(GE):Salary group, p. f. (
n.d.). Retrieved from htpn::www.payscale.com:research:IN:Employer=Futuregroup:Salary htpsn::essayswriters.co
m:essays:Management:compensaaon-management.html. (n.d.). payscale. (n.d.). Retrieved from htpsn::www.paysca
le.com:research:US:Employer=AppleEComputer %2CEInc:Bonu
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