File Name: project report on compensation and benefits .zip
Research methodology 2.
- Employee Benefits and Compensation (Employee Pay)
- Compensation For Nonprofit Employees
- Compensation & Benefits
Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management. In this article, we will provide you with a full guide about compensation and benefits.
Employee Benefits and Compensation (Employee Pay)
Perhaps you have come to realize your organization has an issue with pay equity that needs to be addressed as soon as possible. Employees are asking questions about how pay decisions are determined, how raises will work and other questions for which you do not have solid answers.
But how do you kick off an HR project on compensation management the right way? Your business is small. You are an HR leader who wears many hats. You are also responsible for the big-picture tasks, including recruitment, retention, company culture, compliance and, yes, compensation.
But how do you kick off an HR project on compensation management that is effective while also staying on top of your other responsibilities? And, how can you justify to your leadership team that a compensation project is even necessary in the first place? In addition to having the most superior compensation management software on the market with both crowdsourced and third-party salary market survey data integrated into a complete solution suite, PayScale also offers compensation management expertise and professional services to help customers build compensation strategies and pay structures.
When you are the sole person responsible for compensation strategy at your organization, it can be tempting to continue on with the status quo in order to devote your time to the seemingly hundreds of other HR projects demanding your attention. But, to ignore compensation would be a costly mistake. When you make an offer to a prospect, you need to know the salary you are offering is competitive.
Low-balling on salary is often the reason job offers are turned down and talented prospects find work with competitors. This starts a chain reaction of costly consequences. You find you have to spend more money on recruiting. Projects are put on hold until a hire is made. A SHRM study found that replacing an entry-level employee costs 50 percent of their salary.
That figure jumps to percent when it comes to your most highly-skilled workers. On the other side of the coin, it can be costly to overpay employees. When you are paying significantly over market, you leave less room in your budget for incentive raises and bonuses. Plus, a new employee who starts with a salary at the top of the range for their position could be demotivated to learn they will be unlikely to see much of a wage increase while they remain in that position.
From the gender pay gap to the racial wage gap , more attention is being paid now to pay equity within organizations. Pay transparency is also on the rise. Workers today are sharing salary information openly and anonymously, both online and off, with the result that employees are finding out what they are being paid compared to others in similar positions. If you are paying employees doing equal work different salaries and they find out, you run the risk of a mass exodus from your organization and potential, very costly, lawsuits.
These are just a few reasons it is important to get compensation right. But how? When you are the lone or one of the only HR leaders in your organization, it can be challenging to get management to take you seriously, especially if you have broad, not deep, knowledge of compensation strategy. But, you know a solid compensation strategy will save you time in the longrun, that a strong pay communications plan will improve perception of HR among employees, increasing retention and loyalty, and that if executed well, could help set you apart as innovative among your peers.
So, how do you get executive leadership to sign off on an HR project for compensation management? As we discussed in the previous section, getting compensation wrong is a costly error.
The first step to getting executive buy-in is all in how you frame the problem. Instead of presenting the problem first, start with the desired outcome. The right framing shows leadership how this initiative fits into the bigger picture of your organization. You could also strengthen your framing if you build a coalition of support with key stakeholders in your organization.
For example, Finance could be very interested in the money-saving aspect and could also help you dig into the data to figure out exactly how much money is lost due to poor compensation planning.
Step 2: Share your internal salary data with anecdotes about the loss of key talent due to compensation missteps. In making a business case for compensation, data matters. The solution you will ultimately propose will have an associated expense. If you want to be taken seriously, you have to demonstrate that an HR project on compensation management is less expensive than doing nothing.
In other words, you need to show that a lack of compensation strategy is more expensive than compensation planning and salary market adjustments would be. But where do you get this data? There are numerous ways:. Real examples of how your organization is falling short can help you make the business case to kick-off an HR project on compensation management.
To ensure your executives see the value of changing comp and the urgency of the matter , take the time to quantify the costs as well as the projected benefits. Calculate the amount your organization would save if you were able to reduce turnover by a certain percentage, hire people faster and reduce the amount of time your team spends on repetitive tasks such as conducting ad-hoc compensation reviews. You know others have done what you are trying to do. Be sure to allow plenty of time for a decision to be made.
Structure your proposal to include a generous amount of lead time so the project can be done well the first time. Rushing leads to mistakes which lead to wasted time and could result in leadership not taking you seriously.
In part two of this series, we will go into the steps of a compensation strategy, how to find the best market data, how to analyze that data, how to benchmark jobs and more. Tags: Compensation Management , Pay Inequity. Amy Stewart. Content Marketing Manager at PayScale. More Like This. Articles, Comp Tools. Articles, Case Studies, Comp Tools. Save my data for the next comment. Save my name, email, and website in this browser cookies for the next time I comment.
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Compensation For Nonprofit Employees
Employee Benefits Compensation Salary Surveys. In addition to the articles on this current page, also see the following blogs that have posts related to Benefits and Compensation. Scan down the blog's page to see various posts. Also see the section "Recent Blog Posts" in the sidebar of the blog or click on "next" near the bottom of a post in the blog. The blog also links to numerous free related resources.
Compensation & Benefits
Compensation and benefits is an important aspect of HRM as it helps to keep the workforce motivated. It helps give benefits to employees based on their performance and actions and brings the best out the employees at workplace. Apart from the company's reputation and job profile, the money offered as a salary is pivotal in attracting people to work for the organization.
Basing compensation strategies on five enduring principles of the social enterprise can help organizations navigate an uncertain environment and make bold, effective forward-looking choices. Sign up to receive a copy of our new approach to Trends launching this winter. Rapid changes in the nature of work are adding new demands and pressures on compensation strategies and programs. As a consequence, many organizations are stuck in a seemingly endless cycle of compensation reviews, reforms, and rollouts. To do this effectively, organizations must focus on a core set of human principles that will enable them to craft compensation strategies designed to stand the test of time in the new world of work.
Perhaps you have come to realize your organization has an issue with pay equity that needs to be addressed as soon as possible. Employees are asking questions about how pay decisions are determined, how raises will work and other questions for which you do not have solid answers. But how do you kick off an HR project on compensation management the right way? Your business is small.
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