Managing compensation is a complex endeavor that covers multiple facets including salaries, wages, bonuses, benefits, and additional incentives given to employees for their work. It involves navigating a delicate balance between budget constraints and providing fair rewards to employees.
In the practical scenario of our dummy data project, we address similar elements. This entails a fictional organization- Cityla, handling compensation management across various outlined factors. I've utilized Pandas to analyse data.
Project Venice (Exceeded Expectations)
• Employees (3 OR ABOVE years in the company):
o Bonus: Regular bonus (10% for Grade A/B, 15% for C/D) + 50k additional bonus (paid in full).
o Hike: Below 50th percentile: 18% hike. Above 50th percentile: 12% hike.
• Employees (2-3 years in the company): o Bonus: Regular bonus (prorated for those joined after April 1, 2023)+ 25K
• Employees (Below Rating 7): o Regular Bonus: 50% bonus (paid in full). o Hike: 5%
Project Tokyo (Met Expectations)
• Employees (3 OR ABOVE years in the company): o Bonus: Regular bonus (10% for Grade A/B, 15% for C/D) + 20k additional bonus (paid in full).
o Hike: Below 50th percentile: 12% hike. Above 50th percentile: 10% hike.
• Employees (2-3 years in the company): o Bonus: Regular bonus (prorated for those joined after April 1, 2023)+10K
•** Employees (Below Rating 7):** o Regular Bonus: 50% bonus (paid in full). o Hike: 5% o (if joined after April 1, 2023): Prorated hike and bonus.
Project Gemcom (Below Expectations)- 5% Hike
o Bonus: 50% of Regular bonus (10% for Grade A/B, 15% for C/D) (paid in full). o Hike (if joined after April 1, 2023): Prorated hike and bonus.
Note:
• Regular bonus percentages are based on employee grade. • Joining after April 1, 2023 impacts bonus and hike calculations (prorated).