Employees feedback & Reward System

•Employees satisfaction is the key to the growth of the Organisation.

•Climate surveys are conducted to get the employee’s feedback

Climate Surveys consists of

1.Structure

2.Responsibility

3.Reward

4.Risk

5.Warmth

6.Support

7.Standards

8.Conflicts and its management

9.Identity

The result of the survey must be communicated to employees.

•Compensation means money as remuneration received for the performance of work plus the kind of benefits provided by the Organisation.

•Company Policy depends on

1.Company objectives (e.g. Highest pay master, heir from prestigious institutions/ from any college)

2.Market situation or prevailing market rate (Skilled/General workforce, Prevailing market rates)

3.Internal Pressures (Capacity to pay, bargaining power, attraction policy, motivational factor)

4.External Pressures (Labour Laws, different wage concept, pay commission, Bipartite settlement). Different wage concepts are minimum wage, Living wages, Fair wages and need based minimum wages.

Job Evaluation  is done to

1.Determine the compensation rates

2.Link pay with the requirement of the job

3.Provide for pay differentials taking in to account skills, efforts. Hazards required in each job.

4.Establish a compensation structure.

•Rewards linked to performance

•Compensation structure

Practice in the Banking industry

1.Sastry award

2.Desai award

3.Bipartite settlement

4.Recent trend on performance basis

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