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Management Level Compensation Packages
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Payroll Home » Compensation » Indian Industry » Healthcare Medical Sector » Management Level Compensation
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Organizations understand that only compensation package will not help them retain their talented workforce but they need to provide excellent working atmosphere, growth opportunity, and space for experimentation. The individual satisfaction level must also be maintained. They should take measures to motivate employees. Like other industries in healthcare industry too, the non-technical staff such as marketing team are receiving lucrative packages.
Top Management Compensation Structure
The organizations are offering lucrative compensation packages to their senior management. They try to balance the packages provided to the technical professionals and non-technical professionals
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by offering annual bonuses and variable pay plans.
Companies are becoming competitive when it comes to luring top executives with a mix of high basic salary, incentives, Employee Stock Ownership Plan and deferred pay. They are also looking at performance-based salaries, with variable pay as a percentage of salaries on the rise.
Figure: Compensation Package Offered to Senior Management
in Indian Healthcare Industry
Significant increase has been in salary packages in the industry. The average increase in salary in the sector has been reported as 12% in the year 2006. Organizations have offered car and accommodation benefits to their senior and middle management employees. Given below is the average increase in the salary in the industry at various segments:
Figure: Average salary increase in the Indian Healthcare Sector
The compensation in the industry also depends on the specialized area. Compensation is decided with respect to the individual’s contribution to the organization.
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