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Compensation as a driver of Competitiveness

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Kratika Dhoot Kogta
Kratika Dhoot Kogta

This document analyzes the compensation policies of two major retail players in India, Big Bazaar and V-Mart. It finds that while factors like working shifts do not have a significant impact on employee performance, compensation factors like incentives do impact performance. The document recommends that retailers adopt more flexible compensation policies with benefits like profit sharing and corporate credit cards to improve competitiveness.

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COMPENSATION AS A DRIVER OF COMPETITIVENESS” IN “TWO MAJOR RETAIL PLAYERS IN KOTA (BIG BAZAAR & V-MART)” Submitted By: Kratika Dhoot
COMPENSATION Work load on employees Monetary Compensation SYSTEMATIC APPROACH TO PROVIDE MONETARY & NON – MONETARY VALUE Supervisors judges the performance Day of salary With Salary, There is a Surprise Compensation IN EXCHANGE OF WORK PERFORMED BY THE EMPLOYEES Non Monetary Compensation
OBJECTIVES To study the compensation policies followed in 2 different players of Retail Sector How the compensation system is structured in Retail Sector To study whether compensation policy motivates employees To find out the effect of compensation packages on employees performance
TO ACHIEVE ORGANIATIONAL COMPETITIVNESS ORGANIZATION & EMPLOYEES Reward Innovation In Products CORPORATE STRATEGIES ORGANIZATIONAL GOALS & Processes COMPENSATION & BENEFITS Flexible-Generic Job Descriptions INNOVATOR COST CUTTER Increase Variable Pay Focus On System Control & Work Specifications CUSTOMER FOCUSSED Customer Satisfaction Incentives Value Of Job & Skills Based On Customer Contact
BIG BAZAAR About Big Bazaar Hypermarket Chain Of Departmental Stores Parent Group Pantaloon Retail India Ltd. Subsidary of Future Group Industry Retail Tag Line “Isse sasta aur accha kahin nahi”
HR STRATEGIES BIG BAZAAR PRIVATE CONSULTANTS WALK – INS CAMPUS DRIVE EMPLOYEE REFERRALS
HR STRATEGIES BIG BAZAAR 13 days Induction Programme 6 months probation period
HR STRATEGIES BIG BAZAAR In the month of April Increments on pay Target Based Incentives For 20 days Training Division :- Future Learning & Development Ltd. {FLDI}
VISHAL MEGA MART About V - Mart Hypermarket Parent Group Vishal Retail Ltd. Industry Retail Tag Line “Value for The Money”
HR STRATEGIES V - MEGA MART Aptitude Tests + Interviews Walk – Ins Employee Referrals 10 days Induction Programme 6 months probation period
HR STRATEGIES V - MEGA MART In the month of April Eligible for Profit Linked Reward System (PRLS) Target Based Incentives For 10 days On – The – Job – Training
RESEARCH DESIGN RESEARCH SECTOR RETAIL RESEARCH AREA Big Bazaar V- Mega Mart RESPONDENTS 15 each from 2 retailers TARGET POPULATION Employees
RESEARCH ANALYSIS THIS DEPICTS THAT MAJORITY OF WORKING EMPLOYEES ARE WOMEN OF ABOUT 60 TO 80 PERCENTAGE
RESEARCH ANALYSIS THIS DEPICTS THAT RETAIL SECTOR JOBS ARE AUGMENTED WITH YOUTH
RESEARCH ANALYSIS FRIENDLY ENVIORNMENT & SATISFACTION FROM COMPENSATION POLICY IS BEING FEATURED
MORE PREFERRABLE WORKING HOURS FOR EMPLOYEES 2 SHIFTS RATHER THAN 3 SHIFTS WHILE FOR MIDDLE & TOP MGMT. NO SHIFTS RESEARCH ANALYSIS
RESEARCH ANALYSIS TARGET BASED INCENTIVES ARE AWARDED TO EMPLOYEES, & THAT TO ONLY FOR TEMPORARY BASIS
RESEARCH ANALYSIS DISCOUNT COUPONS & COMMISSIONS ARE AWARDED AS COMPENSATION FACTORS
RESEARCH ANALYSIS EMPLOYEES ARE DISSATISFIED FROM COMPENSATION POLICY, AS IT IS NOT BEING REVIEWED
RESEARCH ANALYSIS When Employees Were Asked, “Do They Believe That Compensation Anyhow Motivates Employees Towards Their Performance?” YES # Make you feel TOP OF THE WORLD # An extra income for Future Needs # Make them feel pride & more targeted towards job # Encourage to think OUT OF THE BOX NO # Compared from PANDORA’s BOX & thus have high expectations from next task # As Hobby is not being charged, Similarly is the Job, it should not be always greeted
HYPOTHESIS TESTING H0: Compensation management practice has no impact on Employees’ performance. H1: Compensation management practice has impact on Employees’ performance. WORKING SHIFTS COMPENSA TION FACTORS Observed Chi-square<Critical Chi–Square 0.24 < 0.46 Thus, Null Hypothesis accepted Observed Chi-square>Critical Chi–Square 0.6 > 0.46 Thus, Null Hypothesis rejected
CONCLUSION Performance Management, Compensation & Employee Benefits Found to be significant predictors of organizational competitiveness Retail Companies Are Giving More Emphasis On Employee Benefits To support its thrust of achieving competitiveness
RECOMMENDATIONS To Start schemes for profit sharing To improve the overall ability of compensation practices To adopt more flexible Benefits for Compensation Policies Corporate Credit Cards; Certifications / Trainings / Memberships; Gifts / Vouchers; Monetary Remuneration; Cellular Phones
THANK YOU

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Compensation as a driver of Competitiveness

  • 1. COMPENSATION AS A DRIVER OF COMPETITIVENESS” IN “TWO MAJOR RETAIL PLAYERS IN KOTA (BIG BAZAAR & V-MART)” Submitted By: Kratika Dhoot
  • 2. COMPENSATION Work load on employees Monetary Compensation SYSTEMATIC APPROACH TO PROVIDE MONETARY & NON – MONETARY VALUE Supervisors judges the performance Day of salary With Salary, There is a Surprise Compensation IN EXCHANGE OF WORK PERFORMED BY THE EMPLOYEES Non Monetary Compensation
  • 3. OBJECTIVES To study the compensation policies followed in 2 different players of Retail Sector How the compensation system is structured in Retail Sector To study whether compensation policy motivates employees To find out the effect of compensation packages on employees performance
  • 4. TO ACHIEVE ORGANIATIONAL COMPETITIVNESS ORGANIZATION & EMPLOYEES Reward Innovation In Products CORPORATE STRATEGIES ORGANIZATIONAL GOALS & Processes COMPENSATION & BENEFITS Flexible-Generic Job Descriptions INNOVATOR COST CUTTER Increase Variable Pay Focus On System Control & Work Specifications CUSTOMER FOCUSSED Customer Satisfaction Incentives Value Of Job & Skills Based On Customer Contact
  • 5. BIG BAZAAR About Big Bazaar Hypermarket Chain Of Departmental Stores Parent Group Pantaloon Retail India Ltd. Subsidary of Future Group Industry Retail Tag Line “Isse sasta aur accha kahin nahi”
  • 6. HR STRATEGIES BIG BAZAAR PRIVATE CONSULTANTS WALK – INS CAMPUS DRIVE EMPLOYEE REFERRALS
  • 7. HR STRATEGIES BIG BAZAAR 13 days Induction Programme 6 months probation period
  • 8. HR STRATEGIES BIG BAZAAR In the month of April Increments on pay Target Based Incentives For 20 days Training Division :- Future Learning & Development Ltd. {FLDI}
  • 9. VISHAL MEGA MART About V - Mart Hypermarket Parent Group Vishal Retail Ltd. Industry Retail Tag Line “Value for The Money”
  • 10. HR STRATEGIES V - MEGA MART Aptitude Tests + Interviews Walk – Ins Employee Referrals 10 days Induction Programme 6 months probation period
  • 11. HR STRATEGIES V - MEGA MART In the month of April Eligible for Profit Linked Reward System (PRLS) Target Based Incentives For 10 days On – The – Job – Training
  • 12. RESEARCH DESIGN RESEARCH SECTOR RETAIL RESEARCH AREA Big Bazaar V- Mega Mart RESPONDENTS 15 each from 2 retailers TARGET POPULATION Employees
  • 13. RESEARCH ANALYSIS THIS DEPICTS THAT MAJORITY OF WORKING EMPLOYEES ARE WOMEN OF ABOUT 60 TO 80 PERCENTAGE
  • 14. RESEARCH ANALYSIS THIS DEPICTS THAT RETAIL SECTOR JOBS ARE AUGMENTED WITH YOUTH
  • 15. RESEARCH ANALYSIS FRIENDLY ENVIORNMENT & SATISFACTION FROM COMPENSATION POLICY IS BEING FEATURED
  • 16. MORE PREFERRABLE WORKING HOURS FOR EMPLOYEES 2 SHIFTS RATHER THAN 3 SHIFTS WHILE FOR MIDDLE & TOP MGMT. NO SHIFTS RESEARCH ANALYSIS
  • 17. RESEARCH ANALYSIS TARGET BASED INCENTIVES ARE AWARDED TO EMPLOYEES, & THAT TO ONLY FOR TEMPORARY BASIS
  • 18. RESEARCH ANALYSIS DISCOUNT COUPONS & COMMISSIONS ARE AWARDED AS COMPENSATION FACTORS
  • 19. RESEARCH ANALYSIS EMPLOYEES ARE DISSATISFIED FROM COMPENSATION POLICY, AS IT IS NOT BEING REVIEWED
  • 20. RESEARCH ANALYSIS When Employees Were Asked, “Do They Believe That Compensation Anyhow Motivates Employees Towards Their Performance?” YES # Make you feel TOP OF THE WORLD # An extra income for Future Needs # Make them feel pride & more targeted towards job # Encourage to think OUT OF THE BOX NO # Compared from PANDORA’s BOX & thus have high expectations from next task # As Hobby is not being charged, Similarly is the Job, it should not be always greeted
  • 21. HYPOTHESIS TESTING H0: Compensation management practice has no impact on Employees’ performance. H1: Compensation management practice has impact on Employees’ performance. WORKING SHIFTS COMPENSA TION FACTORS Observed Chi-square<Critical Chi–Square 0.24 < 0.46 Thus, Null Hypothesis accepted Observed Chi-square>Critical Chi–Square 0.6 > 0.46 Thus, Null Hypothesis rejected
  • 22. CONCLUSION Performance Management, Compensation & Employee Benefits Found to be significant predictors of organizational competitiveness Retail Companies Are Giving More Emphasis On Employee Benefits To support its thrust of achieving competitiveness
  • 23. RECOMMENDATIONS To Start schemes for profit sharing To improve the overall ability of compensation practices To adopt more flexible Benefits for Compensation Policies Corporate Credit Cards; Certifications / Trainings / Memberships; Gifts / Vouchers; Monetary Remuneration; Cellular Phones

Editor's Notes

  • #10: Ram chandra agarwal