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Compensation Benefits for Retention/Motivation
Human Resources » Compensation & Benefits


Chrm Message From: kaushik Total Posts: 61 Join Date: 17/08/2006
Rank: Manager Post Date: 25/08/2006 06:35:59 Points: 305 Location: India

Dear All,

Our company is identifying perks & benefits which can be offered to executives & officers. We are doing this exercise as a part of our Retention & Motivational tool.

We are already having benefits like..

1. Housing Loan Interest Subsidy

2. Car Loan Interest Subsidy

3. Holiday Homes@ various locations

4. Sales Incentive

5. Hardship Loan

6. Loan for Security Deposit for Housing

7. Two Wheeler Loan etc

Can you all share such benefits and facilities provided by your organisation ?

Thanks in advance

Kaushik

Chrm Message From: nicole_j Total Posts: 35 Join Date: 17/08/2006  
Rank: Executive Post Date: 26/08/2006 00:17:39 Points: 175 Location: India

Hello Kaushik,

These are the days of CTC. I do not think that you can attract people with some schemes.
However, You can consider the following :-

Advance for renting a house. This can be a deal between employees, house owner and the company.

Advance for purchase of vehicle : through banks and interest is paid by the company

Furnishings for the new home: again interest paid by the compnay

The Best is : Ask the employer for split up. He will tell you what suits him most.''

Very rarely does the pay packet help in retention ; remember employees leave their boss and rarely the company and very rarely for the split of the CTC.

Keep Going..

Nicole 

Chrm Message From: CHRM Total Posts: 209 Join Date: 17/08/2006  
Rank: Coach Post Date: 26/08/2006 02:24:46 Points: 1045 Location: India

There is no doubt that these are the days wherein the employee really takes the CTC factor into consideration but then Employee Benefits, if practiced fairly also act as a measure for motivating and retention of employees.

It’s infact good news that companies are realizing the fact that no compromise can be done in losing talent and that’s the cause “Talent Retention” is the buzz word these days in each of the corporates.

The Employee Benefit factors may be :

-ESOP’s

-Employee Referral Schemes

-Employee Recognition Program (Employee of the Month)

-Variable Performance based incentives

-Subsidized Food Coupons/Vouchers

-Insurance Coverage (Life/Accident)

-Stipulated Fixed Training Hours per employee (Yearly basis)

-Frequent Family Get-Togethers

-Fair System of Performance Appraisals

-Succession Planning & Career Plan Charting

I assume, these are few of them which shall be considered as a “Benefit”, especially by the Executive & the Officer Cadre.

Any Comments from members ??

Regards,

chrm

Chrm Message From: sumit_hr Total Posts: 29 Join Date: 17/08/2006  
Rank: Executive Post Date: 26/08/2006 04:46:24 Points: 145 Location: India

Dear Group,

Except for variable pay for performance ( you better give if you want to retain talent!) and esop, all others are measurable in terms of cash

Therefore , truly  we should ask the employee for his option. It will serve better purpose.

Regards,

Sumit

Chrm Message From: kannan_hrd Total Posts: 31 Join Date: 17/08/2006  
Rank: Executive Post Date: 19/12/2006 10:08:51 Points: 155 Location: India

Dear All,

Year ending is coming. Planning for IT return and also design some strategy for tax saving plan for employees needs. I need your advice for best tax saving in present senario and also some allowances in which employee will get more benefits in tax saving.

Your knowledge shring is highly appreciable.

Krishnan

 

 

 

 
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