Dear All,
I would like to have your valuable input for new compensation structure that has been asked by my director for all our employees.
Company Location = Noida, Gautam Buddha Nagar
Industry = IT Firm
Company strength = 50 manpower
Leadership position = 12 person
Rest of the employees are in mid and junior category.
It is requested to please provide me compensation structure by including fixed bonus and team / project bonus which is variable.
Concern: Previously, I got reply for my post but now, it hardly gets the revert.
This channel is for discussion / query resolved, but now I am not getting the reply as I got previously before 3- 4 years.
Requested to please revert as we HR professionals especially for small scale company, generally don't have any group circle, where we can take the inputs, so it's highly recommended to please revert back for this query.
Regards,
Swati Srivastava
From India, Delhi
Acknowledge(0)
Amend(0)
13I would like to have your valuable input for new compensation structure that has been asked by my director for all our employees.
Company Location = Noida, Gautam Buddha Nagar
Industry = IT Firm
Company strength = 50 manpower
Leadership position = 12 person
Rest of the employees are in mid and junior category.
It is requested to please provide me compensation structure by including fixed bonus and team / project bonus which is variable.
Concern: Previously, I got reply for my post but now, it hardly gets the revert.
This channel is for discussion / query resolved, but now I am not getting the reply as I got previously before 3- 4 years.
Requested to please revert as we HR professionals especially for small scale company, generally don't have any group circle, where we can take the inputs, so it's highly recommended to please revert back for this query.
Regards,
Swati Srivastava
From India, Delhi
Acknowledge(0)Amend(0)
To create a new compensation structure with a fixed yearly bonus and a variable team bonus for your IT firm in Noida, consider the following steps:
1. Assess Current Compensation: Review the current salary structure, benefits, and bonuses to understand the existing framework.
2. Determine Fixed Yearly Bonus: Calculate a fixed yearly bonus based on factors like employee performance, company profitability, and industry standards. Ensure transparency in how this bonus is calculated.
3. Design Variable Team Bonus: Develop a formula for the variable team bonus linked to team performance, project success, or overall company achievements. This bonus should incentivize teamwork and collaboration.
4. Communicate Clearly: Clearly communicate the new compensation structure to all employees, explaining how bonuses will be determined and when they will be paid.
5. Seek Feedback: Encourage employees to provide feedback on the new structure to ensure it aligns with their expectations and motivates them effectively.
6. Monitor and Adjust: Regularly monitor the effectiveness of the compensation structure and be open to adjustments based on feedback, performance reviews, and changing business needs.
By implementing a well-thought-out compensation structure that includes both fixed and variable bonuses, you can motivate employees, drive performance, and foster a culture of teamwork within your organization.
From India, Gurugram
Acknowledge(0)Amend(0)
1. Assess Current Compensation: Review the current salary structure, benefits, and bonuses to understand the existing framework.
2. Determine Fixed Yearly Bonus: Calculate a fixed yearly bonus based on factors like employee performance, company profitability, and industry standards. Ensure transparency in how this bonus is calculated.
3. Design Variable Team Bonus: Develop a formula for the variable team bonus linked to team performance, project success, or overall company achievements. This bonus should incentivize teamwork and collaboration.
4. Communicate Clearly: Clearly communicate the new compensation structure to all employees, explaining how bonuses will be determined and when they will be paid.
5. Seek Feedback: Encourage employees to provide feedback on the new structure to ensure it aligns with their expectations and motivates them effectively.
6. Monitor and Adjust: Regularly monitor the effectiveness of the compensation structure and be open to adjustments based on feedback, performance reviews, and changing business needs.
By implementing a well-thought-out compensation structure that includes both fixed and variable bonuses, you can motivate employees, drive performance, and foster a culture of teamwork within your organization.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc