COMPENSATION

AND BENEFITS

GROUP MEMBERS

PARINITA GAMRE - 11
SHIVANI MATHUR - 22

OVERVIEW
HR philosophy and approach of
organization
Reward strategies in context of business
Elements of Reward strategy
Compensation placed in Reward strategy

HUMAN RESOURCE PHILOSOPHY

What is Human Resource
Philosophy?
The development of
Human Resource
Philosophy
Modern HR Management
Approach

HUMAN RESOURCE
PHILOSOPHY:BELIEFS
Human Resource is the most important
asset in the organization.
A healthy climate is essential for
developing Human Resource.
HRM can be planned and monitored in
many ways that are beneficial to both.

CONTINUED..
There should be a feeling of belongingness
in an organization.
Employees feel committed to their work and
the organization.
Every manager is responsible to ensure the
development and utilization of the
capabilities of subordinates.

FACTORS AFFECTING HUMAN

RESOURCE PHILOSOPHY

REWARD STRATEGY
Reward Strategy is an approach to reward
based on a set of coherent principles in
support of the organizations aims.
Reward Strategy is ultimately a way of
thinking that you can apply to any reward
issue arising in your organization, to see
how you can create value from it.

TOTAL REWARDS

QUESTIONS TO BE ASKED WHEN

DEVELOPING A REWARD STRATEGY
What are each of the different elements of
reward for?
What messages do our reward programs carry?
Are the messages they carry in conflict?
How cost effective are our reward programs?
What is the perceived value of reward
programs in the eyes of employees?
How do they fit with our values?

ELEMENTS OF REWARD
STRATEGIES

Non financial rewards

Job evaluation
Grade and pay structure
Market rate analysis
Base pay
Contingent pay
Employee benefits
Allowances
Performance management

COMPENSATION PLACED IN
REWARD STRATEGY
Recruitment
Motivation
Retention

Case Study
Strategically Managing Rewards for Business
Business gains
gains

The Royal Bank of Scotland Group (RBS) - largest

financial institutions - It serves more than 36
million customers - more than 140,000 employees
Self Actualization
Work life balancing
Right to work flexibly
Helps to attract and retain talent and enhance the
performance
A GREATER EMPHASIS ON INTANGIBLES IS MAKING
REWARDS AND RECOGNITION PROGRAMME