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BENEFITS OF DOCUMENT

  1. Provide a framework of compensation & benefit strategy
  2. How can compensation & benefit strategy make your organization achieved your goal
  3. How can compensation & benefit strategy to attract and retain best talent

DOCUMENT DESCRIPTION

Compensation includes topics in regard to wage and/or salary programs and structures, for example, salary ranges for job descriptions, merit-based programs, bonus-based programs, commission-based programs, etc. (Also see the Related Info (including Benefits).)

Compensation is payment to an employee in return for their contribution to the organization, that is, for doing their job. The most common forms of compensation are wages, salaries and tips.

Compensation is usually provided as base pay and/or variable pay. Base pay is based on the role in the organization and the market for the expertise required to conduct that role. Variable pay is based on the performance of the person in that role, for example, for how well that person achieved his or her goals for the year. Incentive plans, for example, bonus plans, are a form of variable pay.

Employee benefits typically refers to retirement plans, health life insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Benefits are increasingly expensive for businesses to provide to employees, so the range and options of benefits are changing rapidly to include, for example, flexible benefit plans.

Benefits are forms of value, other than payment, that are provided to the employee in return for their contribution to the organization, that is, for doing their job. Some benefits, such as unemployment and worker's compensation, are federally required. (Worker's compensation is really a worker's right, rather than a benefit.)

Prominent examples of benefits are insurance (medical, life, dental, disability, unemployment and worker's compensation), vacation pay, holiday pay, and maternity leave, contribution to retirement (pension pay), profit sharing, stock options, and bonuses. (Some people would consider profit sharing, stock options and bonuses as forms of compensation.)

You might think of benefits as being tangible or intangible. The benefits listed previously are tangible benefits. Intangible benefits are less direct, for example, appreciation from a boss, likelihood for promotion, nice office, etc. People sometimes talk of fringe benefits, usually referring to tangible benefits, but sometimes meaning both kinds of benefits.

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Source: Compensation Strategy PowerPoint document

 

Compensation Strategy

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This business document is categorized under the function(s):

It applies to Management Consulting

File Type: PowerPoint (ppt)

File Size: 3.1 MB

Number of Slides: 17 (includes cover, transition slides)

Related Topic(s): Human Resources Compensation

Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.

Initial upload date (first version): May 28, 2020
Most recent version published: May 28, 2020

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