I am looking out for any suggestions for a Compensation Plan/Model to understand the focus of today's Gen-Y. Kindly guide or direct to any source of such info.
Need to understand Whether Gen Y more emphasis on Cash In Hand or Retirals / Long Term Benefits??? (YES / NO - WHY)
Adding to the above, what option today's industry (any vertical) finds to attarct the same, in terms of compensation / or say Salary Structure for Gen Y, which is the major part / pillar of any organisation today?
From India, Mumbai
1Need to understand Whether Gen Y more emphasis on Cash In Hand or Retirals / Long Term Benefits??? (YES / NO - WHY)
Adding to the above, what option today's industry (any vertical) finds to attarct the same, in terms of compensation / or say Salary Structure for Gen Y, which is the major part / pillar of any organisation today?
From India, Mumbai
allow me to rephrase your question (delete the word gen y)
you would need to use RSI test (based on Edgar schein's motives) for the above. there are 9 career anchors and by administering this test we get to know what are the priority areas for the particular individual.
we decide on role fits and decide on which components of flexible benefits plan accordingly.
pls note trends provide info but when it comes to designing C&B, every individual is unique..
thats where flexible benefits/ cafetaria system of benefits comes in place...
i have attended certified compensation and benefits training by carlton advanced management institute.
From India, Delhi
you would need to use RSI test (based on Edgar schein's motives) for the above. there are 9 career anchors and by administering this test we get to know what are the priority areas for the particular individual.
we decide on role fits and decide on which components of flexible benefits plan accordingly.
pls note trends provide info but when it comes to designing C&B, every individual is unique..
thats where flexible benefits/ cafetaria system of benefits comes in place...
i have attended certified compensation and benefits training by carlton advanced management institute.
From India, Delhi
Supriya,
It would be very tricky to decide on a compensation structure based on what Gen-Y values. A survey would reveal that they mostly prefer cash over kind. However over the years, companies have realized otherwise. Hence an industry bench-marking would show that they all offer significant non-cash benefits.
An anecdotal example - I used to earlier work with a consulting firm called McKinsey. The average age is around 30. Most of them did not know or ever inquire about non-cash benefits such as Health or Life Insurance. One day, out of the blue, we came to know that a colleague (~29 years old, recently married) was diagnosed with cancer. He suffered for several months before finally succumbing to the illness. The firm paid for all its medical costs and 2 times of its annual salary to his nominee.
You can imagine the extent to which the family valued the firm's gesture - so did the rest of us. A company is able to offer such benefits by virtue of constant provisioning over the years through term and health insurance.
You should definitely weigh them while designing your compensation structure.
Regards
Abhishek Bondia
From India, Ghaziabad
It would be very tricky to decide on a compensation structure based on what Gen-Y values. A survey would reveal that they mostly prefer cash over kind. However over the years, companies have realized otherwise. Hence an industry bench-marking would show that they all offer significant non-cash benefits.
An anecdotal example - I used to earlier work with a consulting firm called McKinsey. The average age is around 30. Most of them did not know or ever inquire about non-cash benefits such as Health or Life Insurance. One day, out of the blue, we came to know that a colleague (~29 years old, recently married) was diagnosed with cancer. He suffered for several months before finally succumbing to the illness. The firm paid for all its medical costs and 2 times of its annual salary to his nominee.
You can imagine the extent to which the family valued the firm's gesture - so did the rest of us. A company is able to offer such benefits by virtue of constant provisioning over the years through term and health insurance.
You should definitely weigh them while designing your compensation structure.
Regards
Abhishek Bondia
From India, Ghaziabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
MODEL STRUCTURE OF COMPENSATION.do c
Published_draft _rules_on Employees_ compensation 3.6.2020.pdf