According to a report by Financial Times, around 90 per cent of India’s estimated 47-crore workforce are not entitled to get any sort of benefit or compensation in case they are laid off in the wake of the COVID-19 pandemic.
Compensation includes wages, salaries, bonuses and commission structures.
When employees are knowledgeable about the bonuses or commissions, then their motivation increases so as to deliver grander results.
Bonus and commission compensation plans become a focal point for success.
Proper compensation and benefits are one of the methods to retain employees in the organisation for a longer period of time.
Productivity in relation to compensation starts with employees feeling valued which increases motivation and loyalty.
Health and well-being, financial stability and job security are top concerns for employees right now and employers should help address those fears in meaningful ways.
In these uncertain times, how the employees are treated will be remembered in the long run. How businesses respond will have a lasting impact on employee behaviour including, engagement, productivity and loyalty.
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