Scribd
Upload
58 views

Compensation - Lecture

Total rewards aim to attract, engage, develop and retain staff through compensation, benefits, work-life balance, performance recognition, and career development. A compensation and benefits survey helps participating organizations determine how well they compensate compared to the market across cash pay, bonuses, allowances, benefits like insurance and time off, retirement funds, and total remuneration. The survey methodology involves reviewing job descriptions and pay scales, determining internal pay dynamics and market rates, and providing individual reports with average and percentile pay data, salary ranges and recommendations, and a tailored compensation strategy. The goal is to use compensation strategically along with other HR practices to improve work quality rather than simply paying more for the same work.

Uploaded by

Haris Bilal
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
58 views

Compensation - Lecture

Total rewards aim to attract, engage, develop and retain staff through compensation, benefits, work-life balance, performance recognition, and career development. A compensation and benefits survey helps participating organizations determine how well they compensate compared to the market across cash pay, bonuses, allowances, benefits like insurance and time off, retirement funds, and total remuneration. The survey methodology involves reviewing job descriptions and pay scales, determining internal pay dynamics and market rates, and providing individual reports with average and percentile pay data, salary ranges and recommendations, and a tailored compensation strategy. The goal is to use compensation strategically along with other HR practices to improve work quality rather than simply paying more for the same work.

Uploaded by

Haris Bilal
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 7

COMPENSATION & BENEFITS

or
TOTAL REWARDS
From the simplest barter system of centuries past to
the complex incentive formulas of today, the
organizations’ basic premise has remained
Attract
unchanged: provide value to the organization and
the organization will provide value to you – a simple
quid pro quo.

HR
Retain Engage
Strategy

Develop

Every employer’s desire is to curtail


expenses and improve bottom line, yet it
is equally important to be competitive in
the field of total rewards.
What are Total Rewards?
Total rewards have been defined as
all the tools available to the
employer to attract, engage,
develop and retain staff. It includes
everything staff perceive to be of
value resulting from the
employment relationship.
1. Compensation
2. Benefits
3. Work-Life
4. Performance and
Recognition
5. Development and Career
Growth
Compensation & Benefits Survey
Cash Compensation:
 Guaranteed Cash
 Guaranteed Bonus
 Cash Allowances
 Variable Bonus
The survey helps the
Benefits: participating organizations
 Car Related to know and determine
 Loans
 Insurances how well they compensate
 Time Off in relation to the market.
 Others
 Retirement
Provident Fund
Gratuity

Total Remuneration:
 Total Cash Compensation
 Total Benefits
What we will do?
Components:
 Ideally 8-10 participants
 List of surveyed jobs
 Market range parameters at percentile levels

Methodology:
 Review of job descriptions to determine similarity of
tasks
 Review of salary scales and organization chart
 Determination of internal market dynamics and
competitive salaries to ascertain actual market rates

Individual Report
What you will get?
Survey Findings:
 Average Data: Total Cash Compensation, Total Benefits, Total
Remuneration
 Surveyed Jobs Positioning (individual & grade wise)

Percentiles:
 Point in range of values
 25th, 50th and 75th

Salary Ranges & Recommendations

Tailored Compensation & Benefits Strategy

Market Positioning

Complete Confidentiality
Philosophy

Enhanced compensation simply pays the same people


more to do the same work. Whereas, it should be used as a
means of higher quality work, offered in conjunction with
complimenting HR strategies.

You might also like