TALENT MANAGEMENT

GROUP-1
MEMBERS:
1. ARUSHI
2. DAKSH ANEJA
3. KIRTI SIROHI
4. POOJA KHANDELWAL
5. SAMBHAV JAIN
We are planning to do this assignment as per the following framework:
 Introduction
1. Competency
2. How it can affect talent management
 Comparison across industries
We are planning to take 2 companies in each industry and compare
their compensation and benefit strategy.
 Conclusion – impact of such strategies on the talent management
 Our recommendations

INTRODUCTION
Compensation is invariably, in the top list of awkward yet important topics that
employers and employees discuss. For employees, compensation is personal
and affects their lives in a big way.
Compensation is particularly relevant to any organization’s strategy for
managing their talent because it affects an employee’s decision to join an
organization, how they are rewarded for performance, their development, and
their decision to leave. As a result, organizations must intentionally use
compensation to promote the right employee experience and employer brand.
In its simplest form, compensation comprises base pay, incentive pay, and
perks and benefits, creating a total rewards package.
When designing employee compensation, it’s critical to think about the total
rewards package and its effect on the employee experience. A total
compensation or rewards package is a big part of the promise employers make
in their employee value proposition (EVP), even if the EVP is not formally
articulated.
People are complicated and attempting to keep them motivated through
creative compensation strategies is far more than challenging. Effective total
rewards strategies must appeal to most employees, make sense for their jobs,
and encourage the behaviour and business results that the organization wants.
Thus, calibrating an effective total rewards program requires an understanding
of how all the program’s components affect various employee perceptions,
behaviours and outcomes.
Effective total rewards strategies must appeal to most employees, make sense
for their jobs, and encourage the behaviour and business results that the
organization aims to achieve.
COMPENSATION & BENEFITS ACROSS EMPLOYEE LIFE CYCLE
A total rewards/compensation package encompasses all forms of
compensation that employees receive, including perks and benefits. Base and
incentive pay are the foundation of most total rewards packages. Determining
the perfect balance between base and incentive pay isn’t an exact science and
depends on many factors, from the nature of job expectations and constraints
to how accurately performance can be measured for a job.
The key to properly motivating employees through pay is to create a system
that is:
• understandable
• consistent
• fair
• accurate
• within the employee’s control
LINKING COMPENSATION AND BENEFITS TO MASLOW
THEORY
When we discuss the Maslow pyramid to analyze the level of employee
involvement, we can identify what factors will improve engagement and find
that the most basic needs are physical and safety, followed by love/ownership,
respect, and level of pyramid level, self-awareness.

1. Protect the most basic needs: For their employees, companies must
represent the institutions that care for them and take care of their basic
needs. They must provide services such as working health care with
family members, or life insurance. This first point discusses the basic and
physical needs associated with the first level of the Maslow pyramid.
2. Prepare for day-to-day work In addition to basic services, the day-to-
day employee benefits have a significant impact on how employees
evaluate an organization; this often raises their level of commitment.
Agreements with other companies (telephone, transportation,
consumer goods, etc.) or institutions (education, health, recreation,
retail) provide employees with access to the maximum benefits that
enhance their day-to-day operations. This second point involves
satisfying the economic and security needs, as Maslow explains in the
second section of his pyramid.
3. Remuneration performance Linking high performance with
compensation or benefit indicator is another way to strengthen
employee involvement in the organization. In times of tight budgets,
linking pay to operating procedures may be a good idea It also helps
the employee to develop his or her skills and increase his or her value
 in the organization. HR teams need to set clear and achievable goals
to prevent staff reductions if the standards are too high. Benefiting
the workforce, without covering economic needs, fosters self-
confidence and, third, according to the Maslow pyramid.
4. Increase emotional compensation The compensation budget has been
significantly reduced and wage reviews are regulated in new ways.
The organization must allocate a significant portion of its salary review
budget to identify priorities for maintenance. That is why “emotional
paychecks” are now needed, with a huge impact on workers.
Companies should consider this amount when designing their
compensation policies. This concept creates a sense of public
recognition and a sense of significance, similar to the methods
Maslow describes at the fourth level of pyramid.
5. Be prepared for the future: At high level, setting pointers that
influence the future of an employee is an attractive strategy and one
of the most effective measures to increase employee satisfaction and
inclusion. In this last point, the idea of human development and long-
term involvement emerges, which is Maslow's parallel to the need to
see himself at the top of his pyramid.

Using data from respondents across a wide range of industries, geographical

and organizational sizes, we provide compensation information on basic
payments, flexible payments, benefits, strategy, distances and scope, and
links between compensation, culture, performance, and engagement.
Highlights:

 Agencies and Consultancies The priority of consultancies, agencies is

customer value- creating value that matters, communicating it to their
target audience, and delivering it to the fullest. Considering the
aggressiveness of the sector, having competitive jobs is a more probable
situation. These jobs are mostly in high demand, but they lack the
money factor. Agencies are less likely to pay more than standards for
them. Prime focus of Customer Service and Retail businesses is selling
consumer goods or services.
 Customer Service and Retail Customer service is not a one-time, or
monetary service. It follows the approach of providing expertise before,
during and after a purchase. This industry comprises a larger genre of
roles, job descriptions, levels and bands. This is also the reason that it
becomes quite challenging to determine suitable pay and ranges for
individual positions.
  Education Educational institutions are based on the supremacy of
transfer of knowledge from educator to student. The role of an
educational institution is to provide a territory that engenders
intellectual activity, piques curiosity and stimulates discovery. In present
times, where every aspect is tech-driven, times are changing in more
than a swift manner, the competing factor for educational institutions is
also changing. Now, they have to focus on attracting attention and
loyalty of students and educators simultaneously. Almost 40% of
educational institutions have started to work on upgrading their pay
strategy, after contemplating the results of employee engagement
feedback.
 Energy and Utility  In the energy and utility sector, there is enormous
demand for skilled people. Subsequently, more than 75 percent of
Energy and Utility companies offer variable pay. PayScale has the world’s
largest database of salary information for workers in the energy and
utilities sectors, including mechanical engineers, petroleum engineers
and project engineers, as well as geologists and more.
 Engineering and Science  These companies are in a race of for talented
engineers. Engineering and Science organizations often fill positions in
various domains such as chemical engineering, civil engineering,
electrical engineering, mechanical engineering and more. Companies in
this sector voluntarily provide higher bonuses than other organizations.
 Healthcare  Among the wide portfolio of services that healthcare
organizations provide, PayScale imparts the data information of pay
scale nurses, physician assistants, nutritionists and a whole range of
roles common in the health sector. Organizations in this field are more
likely to perform annual performance reviews compared to other
sectors.
 Manufacturing:  The Manufacturing sector, more than any other, sees
market fluctuations for both permanent, contractual, hourly and salaried
employees. The most common job role and titles in the manufacturing
are:

 Plant managers
 Manufacturing engineers
 Production supervisors
 Quality assurance supervisors
 Manufacturing workers,

among other related positions. What is riveting here is that almost 50% of the
companies of manufacturing sector use location-based pay ranges.
  Non-profit organizations: These are the institutions that are committed
to promoting a particular social cause or a mission. They often work
with limited budgets, because most part of it is based on contributions
and donations. Therefore, in such organizations, the most challenging
role of HR is to ideate, decide and execute the plan for what
compensation they offer to new employees, and at the same time
maintain the compensation width of existing employees. It is thus, self-
explanatory that retention is the main reason that non-profit
organizations work frequently to change their compensation strategy.
 Tech for tech companies, it is the most challenging to always keep up
with compensation changes undergoing on daily basis in the market,
more importantly for high performers and skilled employees. The
competitive race, especially in Indian tech industry for talent is very
vigorous. Hence, to recruit and retain the talented workforce, it
becomes imperative for organizations to offer competitive pay,
sometimes more than the market standards. This is also the rationale for
the fact that organizations in the tech industry emphasize on
compensating top performers with higher base pay increases and
benefits.

INDUSTRIES
E-commerce Amazon Flipkart
Tech companies
Social media Facebook
We are planning to use both primary and secondary resources for our
research.