Dear All,
I want to conduct a salary review for all my employees. I am working with a UK-based BPO that specializes in outsourcing financial services. Therefore, it is primarily an accounting job that most people handle here.
I would also appreciate some information on the rewards and penalties that can be administered to employees in this sector.
Awaiting your response.
Ritika
From India, Delhi
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I want to conduct a salary review for all my employees. I am working with a UK-based BPO that specializes in outsourcing financial services. Therefore, it is primarily an accounting job that most people handle here.
I would also appreciate some information on the rewards and penalties that can be administered to employees in this sector.
Awaiting your response.
Ritika
From India, Delhi
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Hi,
Do you have a quality system in place already? If not, then it is not possible to reward or penalize any team member without proper justification. In order to implement a quality system, you need to build the leadership of experienced and seasoned team members and obtain their feedback on operating procedures and potential weak areas where chances of slippages are greater. You also need to audit all manual procedures by introducing some form of verification on a random basis - perhaps 5% to 10%, as time and budget permit.
Only then should you be able to decide whom to reward and whom to penalize. This should be an ongoing procedure, and you need to declare who performed the best and who performed the worst every month. Based on the monthly performance, you can determine who deserves rewards in terms of special recognition or appropriate increments.
From India, Rajkot
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26Do you have a quality system in place already? If not, then it is not possible to reward or penalize any team member without proper justification. In order to implement a quality system, you need to build the leadership of experienced and seasoned team members and obtain their feedback on operating procedures and potential weak areas where chances of slippages are greater. You also need to audit all manual procedures by introducing some form of verification on a random basis - perhaps 5% to 10%, as time and budget permit.
Only then should you be able to decide whom to reward and whom to penalize. This should be an ongoing procedure, and you need to declare who performed the best and who performed the worst every month. Based on the monthly performance, you can determine who deserves rewards in terms of special recognition or appropriate increments.
From India, Rajkot
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Hi!
I think you need to implement a Compensation Review and Benchmarking to be able to determine whether your existing policy and system are okay or not. Use the four (4) basic principles in compensation as your primary guidelines. These are: Internal Equity, External Competitiveness, Affordability, and Sustainability.
On the aspect of Rewards & Punishment, you need to install a Performance Management System (PMS) to be able to have a credible and legally defensible tool because your punishment decisions can be subject to legal challenge before industrial courts. Indeed, only a credible PMS will enable you to decide who deserves rewards and punishment.
Should you need direct help in both these critical aspects, please don't hesitate to get in touch or call us. Or, visit our website: Emilla Consulting |
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
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I think you need to implement a Compensation Review and Benchmarking to be able to determine whether your existing policy and system are okay or not. Use the four (4) basic principles in compensation as your primary guidelines. These are: Internal Equity, External Competitiveness, Affordability, and Sustainability.
On the aspect of Rewards & Punishment, you need to install a Performance Management System (PMS) to be able to have a credible and legally defensible tool because your punishment decisions can be subject to legal challenge before industrial courts. Indeed, only a credible PMS will enable you to decide who deserves rewards and punishment.
Should you need direct help in both these critical aspects, please don't hesitate to get in touch or call us. Or, visit our website: Emilla Consulting |
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
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Dear Both Thanks for replying. i hv a pms system in place but i dnt knw what increase should be given to employees. We have Managers , Accountants , Financial Controllers and Admin staff.
From India, Delhi
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From India, Delhi
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The results of your benchmarking activity should be able to give you data relative to your rates' external competitiveness. If your rates are below the market median rates, then you can recommend a good percentage rate that is affordable to your company. But when your existing rates are more than the market median rates, then only those who performed "outstanding" can be recommended for promotion and salary increases.
Indeed, matters like this should be done with expert assistance. Please get external help because we cannot tell you the step-by-step procedures on this site. Also, we must learn to make our organizations invest in the use of consultants and experts.
Best wishes.
Ed Llarena, Jr. Managing Partner Emilla Consulting
From Philippines, Parañaque
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Indeed, matters like this should be done with expert assistance. Please get external help because we cannot tell you the step-by-step procedures on this site. Also, we must learn to make our organizations invest in the use of consultants and experts.
Best wishes.
Ed Llarena, Jr. Managing Partner Emilla Consulting
From Philippines, Parañaque
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Performance Management System.doc