Question

Describe the type of pay structure (merit, pay-for-performance, et cetera) that exists in your current workplace...

Describe the type of pay structure (merit, pay-for-performance, et cetera) that exists in your current workplace or a previous workplace. How satisfied were you and other employees with this pay structure? What improvements would you recommend to improve employee satisfaction with your workplace's pay structure?

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Answer #1

Pay structure at companies like Vodafone is comprised of three components namely :

  1. Fixed pay
  2. Variable pay based on company performance
  3. Individuals bonus based on individuals performance
  4. Long term stock options over and above total payout

Employees were highly satisfied as they found rewarding and saw higjer productivity due to variable payments and saw better longevity and lower turnovers rate due to long term stock options.

The above package however lacked paid leaves, additional non monetary benefits like insurance, maternity paternal leaves, on site opportunities, training, etc which if added would make it comprehensive and lucrative.

PLEASE UPVOTE INCASE YOU LIKED THE ANSWER WILL BE ENCOURAGING FOR US THANKYOU VERY MUCH ALL THE BEST IN FUTURE

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