Let's start our discussion of Compensation with a simple question: "What is compensation?" In very simple terms, compensation is the results or rewards that the employees receive in return for their work and expertise.
Compensation includes payments such as salary, bonuses, profit sharing, overtime pay, recognition rewards and sales commission, etc. Compensation can also be non-monetary perks like a company-paid car, company-paid housing and stock opportunities. Compensation is a vital part of human resource management, which helps in encouraging the employees and improving organizational effectiveness.
Compensation packages with good pay and advantages can help attract and retain the best employees.
A company's compensation scheme also informs a great deal about the firm's values and cultures. Employees often look at what a company pays rather than what it says. In many aspects, people behave as they are rewarded.
HRCG can help organizations in all sectors formulate a rewards strategy and compensation philosophy that is in line with its organizational values. Some of our compensation services include:
- Pay Analysis and Job Evaluation
- Job Leveling
- Base and incentive pay plan design
- Annual incentive plan design
- Executive Compensation