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Management Level Compensation
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Payroll Home » Compensation » Indian Industry » Banking & Finance Sector » Management Level Compensation
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Finance sector is a promising sector where compensation is considered. The sector has witnessed 17% average increase in the salary packages in the year 2006. The compensation packages offered to managerial level employees are very much lucrative. Besides the basic salary employees are also provided with heavy perks and incentives with special allowances. They are offered club memberships, company’s vehicle, travel leaves, paid vacations, other allowances and non-monetary benefits.
Organizations also conduct training and development programs for their employees’ professional growth. Organizations provide for certification courses and online degree courses for the employees.
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At higher level employees are given employee stock options. Individuals are given equal preferences on the basis of their performance.
Figure: Components of Compensation Packages at Managerial Level in Banking & Finance Sector
Nationalized banks offer job security and private financial institutes provide high lucrative packages. With the globalization, liberalization, business expansion, more number of competitors, jobs in the financial sector are also demanding too much hard work. Earlier bank jobs were considered very comfortable ones but now the scenario has been changed. Indian banking sector is heading for 24*7. Some of the nationalized and private banks have started working 8 to 8.
Figure: Components of Compensation Packages at Managerial Level in Banking & Finance Sector
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