compensation as a driver of competitiveness
DESCRIPTION
This presentation is based on the Compensation Factors of 2 Big Retailers ( Big Bazaar & V-Mart).TRANSCRIPT
COMPENSATION AS A DRIVER OF COMPETITIVENESS”
IN
“TWO MAJOR RETAIL PLAYERS IN KOTA(BIG BAZAAR & V-MART)”
Submitted By:Kratika Dhoot
COMPENSATION
Work load on
employees
Supervisors
judges the
performance
Day of salary
With Salary,
There is a
Surprise
Compensation
Monetary
Compensation
Non Monetary
Compensation
SYSTEMATIC APPROACH
TO PROVIDE MONETARY
&
NON – MONETARY VALUE
IN EXCHANGE OF WORK PERFORMED BY THE EMPLOYEES
OBJECTIVES
To study the compensation policies followed in 2 different players of Retail Sector
How the compensation system is structured in Retail Sector
To study whether compensation policy motivates employees
To find out the effect of compensation packages on employees performance
TO ACHIEVE ORGANIATIONAL COMPETITIVNESS
ORGANIZATION & EMPLOYEES
CORPORATE STRATEGIES
ORGANIZATIONAL GOALS
COMPENSATION & BENEFITS
Reward Innovation In Products & Processes
Flexible-Generic Job Descriptions
INNOVATORCOST CUTTER
Increase Variable Pay
Focus On System Control & Work Specifications
CUSTOMER FOCUSSED
Customer Satisfaction Incentives
Value Of Job & Skills Based On Customer Contact
BIG BAZAAR
About Big Bazaar Hypermarket
Chain Of Departmental Stores
Parent Group Pantaloon Retail India Ltd.
Subsidary of Future Group
Industry Retail
Tag Line “Isse sasta aur accha kahin nahi”
HR STRATEGIESBIG BAZAAR
PRIVATE
CONSULTANTSWALK – INS
CAMPUS DRIVE EMPLOYEE
REFERRALS
HR STRATEGIESBIG BAZAAR
13 days Induction Programme
6 months probation period
HR STRATEGIESBIG BAZAAR
In the month of April
Increments on pay
Target Based Incentives
For 20 days
Training Division :-
Future Learning & Development Ltd.
{FLDI}
VISHAL MEGA MART
About V - Mart Hypermarket
Parent Group Vishal Retail Ltd.
Industry Retail
Tag Line “Value for The Money”
HR STRATEGIESV - MEGA MART
Aptitude Tests + Interviews
Walk – Ins
Employee Referrals
10 days Induction Programme
6 months probation period
In the month of April
Eligible for Profit Linked Reward
System (PRLS)
Target Based Incentives
For 10 days
On – The – Job – Training
HR STRATEGIESV - MEGA MART
RESEARCH DESIGN
RESEARCH SECTOR RETAIL
RESEARCH AREA Big Bazaar
V- Mega Mart
RESPONDENTS 15 each from 2 retailers
TARGET POPULATION Employees
RESEARCH ANALYSIS
THIS DEPICTS THAT
MAJORITY OF
WORKING
EMPLOYEES
ARE
WOMEN OF ABOUT
60 TO 80
PERCENTAGE
RESEARCH ANALYSIS
THIS DEPICTS THAT
RETAIL SECTOR JOBS
ARE
AUGMENTED WITH
YOUTH
RESEARCH ANALYSIS
FRIENDLY
ENVIORNMENT &
SATISFACTION FROM
COMPENSATION
POLICY
IS BEING FEATURED
MORE PREFERRABLE
WORKING HOURS
FOR EMPLOYEES
2 SHIFTS RATHER
THAN 3 SHIFTS
WHILE FOR
MIDDLE & TOP MGMT.
NO SHIFTS
RESEARCH ANALYSIS
RESEARCH ANALYSIS
TARGET BASED
INCENTIVES ARE
AWARDED TO
EMPLOYEES, & THAT
TO ONLY FOR
TEMPORARY BASIS
RESEARCH ANALYSIS
DISCOUNT COUPONS
&
COMMISSIONS
ARE
AWARDED
AS COMPENSATION
FACTORS
RESEARCH ANALYSIS
EMPLOYEES ARE
DISSATISFIED FROM
COMPENSATION
POLICY,
AS IT IS NOT BEING
REVIEWED
RESEARCH ANALYSIS
When Employees Were Asked,
“Do They Believe That Compensation Anyhow Motivates Employees
Towards Their Performance?”
# Make you feel TOP OF
THE WORLD
# An extra income for
Future Needs
# Make them feel pride &
more targeted towards job
# Encourage to think OUT
OF THE BOX
YES
# Compared from PANDORA’s
BOX & thus have high
expectations from next task
# As Hobby is not being
charged, Similarly is the Job, it
should not be always greeted
NO
HYPOTHESIS TESTING
H0: Compensation management practice has no impact on Employees’ performance.
H1: Compensation management practice has impact on Employees’ performance.
WORKING
SHIFTS
COMPENSA
TION
FACTORS
Observed Chi-square<Critical Chi–Square
0.24 < 0.46Thus, Null Hypothesis accepted
Observed Chi-square>Critical Chi–Square
0.6 > 0.46Thus, Null Hypothesis rejected
CONCLUSION
Performance Management, Compensation & Employee Benefits
Found to be significant predictors of organizational competitiveness
Retail Companies Are Giving More Emphasis On Employee Benefits
To support its thrust of achieving competitiveness
RECOMMENDATIONS
To Start schemes for profit sharing
To improve the overall ability of compensation practices
To adopt more flexible Benefits for Compensation Policies
Corporate Credit Cards; Certifications / Trainings / Memberships; Gifts / Vouchers; Monetary Remuneration;
Cellular Phones
THANK YOU