Hi, Can anybody help in drafting variable pay policy of the company to draft. Regards
From India, Gurgaon
From India, Gurgaon
Hi, You can pay based on their Designation as per State/Central Rules and Based on which industry he is working.
From India
2From India
Variable pay is employee compensation that changes. It is often used to recognize and reward employee contribution toward company productivity, profitability, teamwork, safety, quality, or some other metric deemed important by senior leaders. This performance-based payment is common in the sales field where pay is limited only by the salesperson's ability to close deals.
The employee who is awarded variable compensation has gone above and beyond their job description to contribute to the organization's success. Variable pay is awarded in a variety of formats—including profit sharing, bonuses, holiday bonus, deferred compensation, cash, and goods and services such as a company-paid trip
Variable pay is an expected employee benefit to excite and retain employees. They want the opportunity to earn variable compensation to bolster their base salary. And, today's employees are also looking for more than just a base salary and benefits package when they decide to come on board and work for an employer.
It is no longer enough for a company—even a global company—to offer the same generic benefits to every person they hire. Employees now expect comprehensive benefits package that are tailored to their own personal circumstances—not just to broadly defined demographic needs.
Personalizing benefit packages starts with employers truly understanding what their employees most want because benefits are only as valuable as each employee views them. The greater the flexibility and variety of the benefit program, the more likely your employees are to feel appreciated. For instance, a young employee with no children might see no value in a life insurance benefit but would appreciate an extra day or two in paid time off.
From India
The employee who is awarded variable compensation has gone above and beyond their job description to contribute to the organization's success. Variable pay is awarded in a variety of formats—including profit sharing, bonuses, holiday bonus, deferred compensation, cash, and goods and services such as a company-paid trip
Variable pay is an expected employee benefit to excite and retain employees. They want the opportunity to earn variable compensation to bolster their base salary. And, today's employees are also looking for more than just a base salary and benefits package when they decide to come on board and work for an employer.
It is no longer enough for a company—even a global company—to offer the same generic benefits to every person they hire. Employees now expect comprehensive benefits package that are tailored to their own personal circumstances—not just to broadly defined demographic needs.
Personalizing benefit packages starts with employers truly understanding what their employees most want because benefits are only as valuable as each employee views them. The greater the flexibility and variety of the benefit program, the more likely your employees are to feel appreciated. For instance, a young employee with no children might see no value in a life insurance benefit but would appreciate an extra day or two in paid time off.
From India
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VARIABLE PAY.doc
More Fixed-To-Variab le Pay HR Trend in Corporate World.pdf