Dear All
I want to do a salary review for all my employees. I m working with a UK based BPO which is into outsourcing of Financial services. So its basically accounting job tha most of the people do here.
I would also love to have some information on the rewards and punishment that can be given to the employees in this sector
Awaiting your response
Ritika
From India, Delhi
I want to do a salary review for all my employees. I m working with a UK based BPO which is into outsourcing of Financial services. So its basically accounting job tha most of the people do here.
I would also love to have some information on the rewards and punishment that can be given to the employees in this sector
Awaiting your response
Ritika
From India, Delhi
Hi,
Do you have Quality System in place already? If not then it is not possible to reward or penalize any team member without proper justification.
In order to implementation quality system you need to build leadership of experienced and seasoned team members and obtain their feedback on operating procedures and also on potential weak area where in chances of slippages are greater. You also need to tap all manual procedures by introducing some sort of verification on random basis - may be 5% to 10% as the time and budget permits.
Only then you should be able to decide about whom to reward and whom to penalize. This should be ongoing procedure and you need to declare who did the best and who did the worst every month. Based on the monthly performance you can decide who deserves the rewards in terms of special award or appropriate increment.
From India, Rajkot
25Do you have Quality System in place already? If not then it is not possible to reward or penalize any team member without proper justification.
In order to implementation quality system you need to build leadership of experienced and seasoned team members and obtain their feedback on operating procedures and also on potential weak area where in chances of slippages are greater. You also need to tap all manual procedures by introducing some sort of verification on random basis - may be 5% to 10% as the time and budget permits.
Only then you should be able to decide about whom to reward and whom to penalize. This should be ongoing procedure and you need to declare who did the best and who did the worst every month. Based on the monthly performance you can decide who deserves the rewards in terms of special award or appropriate increment.
From India, Rajkot
Hi!
I think you need to implement a Compensation Review and Benchmarking to be able to determine whether your existing policy and system are okay or not. Use the four (4) basic principles in compensation as your primary guidelines. These are: Internal Equity, External Competitiveness, Affordability, and Sustainability.
On the aspect of Rewards & Punishment, you need to install a Performance Management System (PMS) to be able to have a credible and legally defensible tool because your punishment decisions can be subject to legal challenge before industrial courts. Indeed, only a credible PMS will enable you to decide who deserves rewards and punishment.
Should you need direct help in both these critical aspects, please don't hesitate to get in touch or call us. Or, visit our website: Emilla Consulting |
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
I think you need to implement a Compensation Review and Benchmarking to be able to determine whether your existing policy and system are okay or not. Use the four (4) basic principles in compensation as your primary guidelines. These are: Internal Equity, External Competitiveness, Affordability, and Sustainability.
On the aspect of Rewards & Punishment, you need to install a Performance Management System (PMS) to be able to have a credible and legally defensible tool because your punishment decisions can be subject to legal challenge before industrial courts. Indeed, only a credible PMS will enable you to decide who deserves rewards and punishment.
Should you need direct help in both these critical aspects, please don't hesitate to get in touch or call us. Or, visit our website: Emilla Consulting |
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
Dear Both Thanks for replying. i hv a pms system in place but i dnt knw what increase should be given to employees. We have Managers , Accountants , Financial Controllers and Admin staff.
From India, Delhi
From India, Delhi
The results of your benchmarking activity should be able to give you data relative to your rates external competitiveness. If your rates are below the market median rates, then you can recommend a good percentage rate that is affordable to you company. But when your existing rates are more than the market median rates, then only those who performed "outstanding" can be recommended for promotion and salary increases.
Indeed, matters like this should be done with expert assistance.
Please get external help because we cannot tell you the step by step procedures in this site. Also, we must learn to make our organizations to invest in the use of consultants and experts.
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
From Philippines, Parañaque
Indeed, matters like this should be done with expert assistance.
Please get external help because we cannot tell you the step by step procedures in this site. Also, we must learn to make our organizations to invest in the use of consultants and experts.
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
From Philippines, Parañaque
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