Rewarding System Coca Cola
Rewarding system For the Coca Cola Company it is important to pay well the employees. Furthermore rewarding is also important because it contributes on the employees performances. Coca Cola uses two rewarding system based on: * function * performance Coca Cola rewards its employees through the function reward system. For the blue-collar workers the reward is based according to the length of service. For the white-collar workers, the higher you rise in the hierarchy the more the percentage rises. There is a degree structure created by functions. An external agency makes the job description and weighs it.
Then points are given for each function. For example: Function/Category| Points| A| 250| B| 200190180| C| 165152| D| 140| Employees are also reward based on their performance. The two rewarding systems are the Financial and the Relational. On the financial aspects you have the pay and the benefits. On the relational aspect you have learning & development and the work environment. Employees care about financial rewards but nowadays they also want relational rewards. They want to be developed (training & development), recognition and work in a good working environment.
The picture below shows an overview of the rewarding system. Financial rewards Coca cola offers fringe benefits such as:
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- Company car
- Pension plan
- Disability (when someone is sick & has to stay at home)
- Medical insurance (for employees and family)
- Share purchase plan
- Wellbeing initiatives (discounts on season tickets, cinema tickets,…)
- Flexible working time
Meal vouchers Benchmarking Coca cola gets its wages to match those of competing companies. The company does Benchmarking. It buys studies of companies. The company makes surveys for wage request to have an idea.
It compares with those of large multinationals. Because Coca cola wants to be number 1 the top performance. Some of those multinationals are: Procter & Gamble, Unilver, Danone… Pay rise Employees can get pay rise after a feedback discussion about their performances. The pay rise is based on 2 aspects:
- Performances (Matrix)
- Points (by category)
On the table you can see how an employee starts and evolves. At the end if he is performing well he can get pay rise.
De werknemer begint| martktconform betalen| wn doet meer dan wat er van hem verwacht wordt. -> tijd voor promotie + boven betalen| For the payments Coca Cola uses the Merit Matrix Exempts. The more you go to the right the better the employee is paid. The highest is the Exceeds. The more you go below the lower you get paid.
| Developing range | At Market range | High to Market range | Exceeds | ||
| Min-Max | Min-Max | Min-Max | Meets & Exceeds | 0% | |
| Min-Max | Min-Max | Min-Max | Meets | 0% | |
| Min-Max | Min-Max | Min-Max | Meets Some / Developing | 0% | |
| Min-Max | Min-Max | Min-Max | Does Not Meet | ||
As I mentioned before each function/category has its points. When you grow in a category you rise with %. The maximum rise (from D) = a little bit more than the minimum above (C). F/C
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