Friends,
I am looking out for various options of Variable Pay Scheme - Linked to Performances of : Company as whole, the Department / Function and the concerned Role Holder.
We intend to work out a scheme applicable for all with graded entitlements. Anybody in manufacturing and more specifically in Engineering Industry having such scheme, may kindly share the model/s maintaining the value anchors & proportions (I appreciate that the exact values may be confidential).[IMG]https://www.citehr.com/images/icons/icon7.gif[/IMG]
Matter is abit urgent and hence the post seeking help from co-professionals.
Rgds,
Sanjay[IMG]https://www.citehr.com/images/icons/icon7.gif[/IMG]
From United States, Lynchburg
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I am looking out for various options of Variable Pay Scheme - Linked to Performances of : Company as whole, the Department / Function and the concerned Role Holder.
We intend to work out a scheme applicable for all with graded entitlements. Anybody in manufacturing and more specifically in Engineering Industry having such scheme, may kindly share the model/s maintaining the value anchors & proportions (I appreciate that the exact values may be confidential).[IMG]https://www.citehr.com/images/icons/icon7.gif[/IMG]
Matter is abit urgent and hence the post seeking help from co-professionals.
Rgds,
Sanjay[IMG]https://www.citehr.com/images/icons/icon7.gif[/IMG]
From United States, Lynchburg
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Dear Sanjay, Pl find attached the basics of VARIABLE PAY. I hope that from these basics u will prepare a attractive compensation breakup of fixed salary as well as variable salary.
From India, Gurgaon
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40From India, Gurgaon
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Hi Sanjay,
I am working in manufacturing Company. We are having Variable pay component for all the category of employees.
For Staff: It is quaterly performance linked compensation (QPLC). Based on the results produced aganist the businees goals and Department goals the QPLC will be paid. If you achieve the overall business goals and your department goals are not achieved then you will be eligible for 50% of the QPLC or the viceversa
For workmen : it is production incentive. Each department will be given targets for the month and here also 100% incentive will be paid only when individual targets and the department targets are met.
With Regards
Sidhu
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I am working in manufacturing Company. We are having Variable pay component for all the category of employees.
For Staff: It is quaterly performance linked compensation (QPLC). Based on the results produced aganist the businees goals and Department goals the QPLC will be paid. If you achieve the overall business goals and your department goals are not achieved then you will be eligible for 50% of the QPLC or the viceversa
For workmen : it is production incentive. Each department will be given targets for the month and here also 100% incentive will be paid only when individual targets and the department targets are met.
With Regards
Sidhu
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More Fixed-To-Variab le Pay HR Trend in Corporate World.pdf