Organisations are moving towards designing innovative total rewards policy for attracting and retaining of their workforce. Policies are getting customized, altered keeping the employee acceptance and preference in mind. The FMCG major Procter & Gamble (P&G) India has also taken a step towards engaging their employees through introducing innovative compensation practices.
The following are the changes made this year to attain the compensation objectives of the organization.
- The Top Performers of the organization were entitled for the Annual CEO-Nominated stock award program. Now it has been replaced by guaranteed cash rewards. The individual performances will be the criteria to achieve this reward and also irrespective of the current the stock price level.
- Moreover the annual bonus will be based on the business goal achieved by an individual team or department and not dependent on the global business team’s performance.
- The best performers of P&G will be entitled to receive their performance incentive anytime between 6 and 11 months. Earlier the practice of paying out the performance incentives were only on an annual basis.
- Not only this, P&G will also consider mid-career increments too to attract the best talent from the market