Is India Inc ready for a new norm, one where one employee’s salary is decided by all?
The process of performance evaluation remains similar across companies throughout India, a centralised process wherein the managers get to decide what the employee's wage bill hikes perhaps once or twice a year. However, some companies are breaking the norm, with a dynamic appraisal process to an open compensation system coming to the fore
Source | economictimes.indiatimes.com | ET Online
The process of performance evaluation remains similar across companies throughout India, a centralised process wherein the managers get to decide what the employee’s wage bill hikes perhaps once or twice a year. However, some companies are breaking the norm, with a dynamic appraisal process to an open compensation system coming to the fore.
The performance evaluation process has become more frequent with some organisations regularly promoting people during the year while a few others have shifted to an open salary system to boost transparency, TOI reported on Monday.
In a departure from the norm, Sahaj Software Solutions, a startup focused on AI in data-led solutions, follows an open compensation policy. This is based on the belief that power should be decentralised and people should be empowered to collectively decide on salary hikes.
