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Showing posts with the label compensation Management

Compensation Management | Non-Monetary Employee Benefits and Services

Compensation Management | Non-Monetary employee Benefits and ServicesAny benefits & services that the employee gets - besides the direct remuneration, is simply known as employee Benefits and Services. However, it is not mandatorily related to employee performance rather indirect compensation. Usually, employee benefits & services are offered more as a condition of employment only.
Practically every organization ought to provide benefits and services to its employees. Why because, it is largely believed that, indirect remuneration or compensation seems to have a strong power of motivation more than the direct pays.
Also, Read- How to offer competitive compensation to employeesThen again, any increase in employee direct pays may impact both employees and employers negatively too – it can add to employee’s taxable income and it may boost the monthly fixed salary/payroll cost of employers which is less in case of indirect compensation.

Compensation Philosophy | How to offer competitive salary & compensation to an employee

Compensation Philosophy | How to offer competitive salary & compensation to an employeeEach organization ought to have its very own remuneration theory or compensation philosophy that guides to the matters related to the management of monetary and non-monetary benefits.
It is crucial on the part of every HR professionals while hiring any new employees –“How to offer a competitive salary & compensation to an employee”? There are few guiding principlesof offeringcompetitive salary & compensationto each and every employee in the organization - which will be the topic of discussion today.
It indicates a set of trusts and core values which are consistent with the goals of the organization. The pay reasoning needs to accomplish equality, value, openness and consistency in the payment of compensation to the Employees. It needs to send a clear strong message to the Employees that the organization doesn't settle for less while the matter is of employee welfare & enrichment, t…

Compensation Management| How to design salary band structure

Compensation Management| How to design salary band structureJobs salary grade scale or simply salary band structure acts as a guide for the HR department in the event of making offers for new hires for a role in the organization.
Based on this information, the hiring manager and the HR can make an informed decision on what to offer for the selected candidates. Alternatively, for the purpose of considering a fair & equitable pay grade scale, the new entrants are benchmarked against the similar employees (i.e., existing employee) for the position he/she is being hired for.
To limit the salary-related discrepancies and further to ensure internal compensation uniformity in the organization, salary band /grids are utmost importance criteria for every professional organization out there.
In general practice, the salary grid is prepared & maintained by the HR team with the highest confidence. Besides, this information is being made available for a few senior management team members on…