Hi radhika,
I am also studying the same topic for my MBA Assignment. I have come across few best/innovative methods in IT Companies. sharing few with you. Pls do share your findings.
- Pay Exception is a procedure at FedEx, which allows managers to recommend and give exceptional pay increases to their highly performing employees when it is not covered by normal policy. This is a motivation to employees.
1. OFFER COMPENSATION – ATTRACTIVE AND COMPETITIVE: Fair compensation alone does not guarantee employee loyalty, but offering below-market salaries makes it much more likely that employees will look for greener pastures.
- Use of Industry Surveys and other data tools to stay informed on wage trends.
- To benefit both company and employees, tie increased one time performance pay to meeting specific goals aligned with business objectives.
- Collect data from exit interviews to document trends from your departing employees, and then use this data to make a business case for increasing salaries across the board.
- Go for Employee Engagement Surveys / ESS, to find out what perks, benefits and forms of compensation other than money will help keep them motivated.
- Let employees decide their own compensation package / reimbursements once the quantum is fixed.
- Pay Exception is a procedure at FedEx, which allows managers to recommend and give exceptional pay increases to their highly performing employees when it is not covered by normal policy.
Extensive performance measuring scheme and incentive policies by Sasken Communications , Awards and recognition like "Best project" , "contribution", "mentorship" by Aztec Software and Formal Individual / group recognition at departmental / organization levels by Intel Technologies India Pvt Ltd are few outstanding examples. *
Hope this helps
thanks
leela