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Environment
Remuneration
Financial Non-financial
Job Context
Fringe Benefits Perquisites Challenging job
PF Company car Responsibilities
Hourly and
Incentives Gratuity Club membership Recognition
Monthly rated
Individual plans Medical Care Paid holidays Growth prospects
Wages
Group plans Accident Relief Furnished house Supervision
Salaries
Health and Group Stock option Working
Insurance, etc. Schemes, etc. conditions
Job sharing, etc.
Direct Indirect
• Reinforcement theory
• Expectancy theory
• Equity theory
• Agency theory
Performance
Strikes
Desire for More
Pay
Grievances
Absenteeism
Search for Higher
Paying Jobs
Turnover
Poor Mental
Health
Below-average cash
Harvest earnings- No real growth or with small incentive tied
Stress
reinvest elsewhere decline to cost control.
Standard benefits.
Job Evaluation
Job Hierarchy
Pay Survey
Pricing Jobs
2003 2004
(Increase in percent)
IT 15 17
ITES 23 25
Telecom (Services) 10 12
Insurance 23 25
Banking (Retail) 12 15
Manufacturing 6 7
Pharma 20 22
Source: Business Today, September 12, 2004. p.46
Skill-based
Pay
Monetary
vs. Non- Salary
Monetary Reviews
Rewards
Employee Pay
Participation
Remuneration Secrecy
Below Market
Eliticism or
or Above
Egalitarianism
Market Rates
Comparable
Worth
• Minimum wage
– provides for sustenance of life but also for
preserving efficiency
• Fair wage
– comparable with standard wages elsewhere
• Living wage
– providing essentials plus certain comforts