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COMPENSATION & BENEFIT MANAGEMENT

“What compensation do you offer” – Compensation is always for a job role and not for an individual.

COMPENSATION & BENEFIT MANAGEMENT

Humans are regarded as one of the biggest assets of any business and hence, they need to be managed efficiently and effectively. One of the tools business use to attract, retain and motivate its people is Compensation & Benefits Management. The program results in equitable payment for performance of a service, in exchange for the work an employee does.


Compensation

Employee compensation refers to all forms of pay going to employees arising from their employment. The phrase 'all forms of pay' includes only direct and indirect financial compensation.

An important key is to decide “What compensation do you offer” – Compensation is always for a job role and not for an individual. While developing a Compensation program, we should always ensure that we not only have an internal pay equity but our pay structure is also competitive with market and industry standards.

Benefits

Employees today are not willing to work only for the cash alone, they expect 'extra'. This extra is known as employee benefits. Employee benefits are non-financial form of compensation offered in addition to cash component to attract, retain and motivate employees.

Equally important is to decide “What benefits do you offer” – So you would have to carefully design your benefit package. Your package may include a cell phone to each employee, taking them to a training workshop or seminar, paid time off on birthdays, anniversaries, or any other special occasion, medical benefits, child care, children educational allowance, and so on. Most importantly, while deciding on the benefits package, the businesses also need to consider the associated costs.

How it's considered?

  • The kind of balance the business wants between direct and indirect financial compensation
  • In which percentile would you want your business to be positioned as compared to your competitors, industry or market?
  • What is your capacity to pay? What are the restraints on that capacity?
  • Extent to which the business would like its Compensation Program to be equitable, fair, transparent or demonstrate competitive pay practices?

Our Office

OpenMind Management Consultancy Inc.
Surrey BC, V3T 0G6
CANADA

Phone : (778) 636-6411

Client’s enquiries : info@open-mind.ca
Candidate’s enquiries: careers@open-mind.ca