CII - Session on Revolutionizing the Organizational Vision & Strategy through Compensation 23 July 2010: Hotel Taj Mount Road: Chennai
Compensation and Reward systems play a vital role in any business organization. Attracting, motivating, and retaining the best talent is one of the biggest challenges to meet growth over the next decade. A compensation philosophy mirroring the mission of the company is essential to ensure the competitiveness in the market. To establish the basis for a good performance-based pay plan, the organization must articulate its vision and mission to its workforce.
Tweet-- Compensation and Reward systems play a vital role in any business organization. Attracting, motivating, and retaining the best talent is one of the biggest challenges to meet growth over the next decade. A compensation philosophy mirroring the mission of the company is essential to ensure the competitiveness in the market. To establish the basis for a good performance-based pay plan, the organization must articulate its vision and mission to its workforce. This supports efforts to achieve the organization's mission. Thus managing compensation is an art and compensation strategies are being used by organizations to focus on both the effectiveness and cost of these practices.
Today, the economic and social pressures are forcing managers to rethink how people get paid and what difference it makes. Companies are finding smarter ways to get the most from their investment in compensation and rewards without sacrificing the ability to compete for talent. For many, this means creating programs that establish a direct connection between an organization's goals and objectives and an employee's focus and actions. It's a strategy that shifts compensation to performance-based programs and emphasizes the combined value of pay and benefits.
Compensating an employee is not just a process of settling upon a mutually agreeable salary, it is all about adopting the traditional and contemporary approaches to formulate changes in regulations, reporting requirements and many more.
With a view towards showcasing the best practices in employee compensation like Pay-for Performance and successful models in the industry, Tamil Nadu State Council of the Confederation of Indian Industry is organizing a Session on Revolutionizing the Organizational Vision & Strategy through Compensation on 23 July 2010 to focus on the importance of total compensation and its relevance for achieving sustainable competitive advantage.
[For further details please contact: Ms Sandhya Ramesh at sandhya.ramesh@cii.in / 99 44 4244 4555 ]
