Based on the study of each organization's existing state of system orientation and needs, appropriate Performance Management System tailored to the specific needs of the organization is developed and implemented for desired results. Similarly appropriate Rewards framework that would motivate employees, enhance their performance and retention, is evolved and implemented.
Any Performance Management System is not just a one time exercise, it is evolved over a period of time and so is the Rewards framework. This exercise involves :
Evaluating the importance of each job with clear criteria
Decide how to remunerate employees
Develop a system that includes both Fixed and Variable remuneration(including Bonus schemes), long-term incentives, aiming at Rewarding and Retaining employees as well as Benefits based on company needs
Ensure external competitiveness and alignment of Compensation & Benefits compared to market
Design effective Voluntary Exit and Employee schemes that ensure fair treatment of the employees leaving the company and also protect the company's Brand names in the market