How do I learn Compensation & Benefits for free ?
- First of all, get involved internally.. Volunteer to participate in projects related to Compensation & Benefits,...
- Second, get online for free education. Also check out the blogs mentioned in the blogroll on my home page – I found...
- Third, invest a little in some books. The manager’s guide to rewards – the one I always...
Full Answer
Why are compensation and benefits important to employees?
Compensation and benefits support the most important parts of an employee’s life—ensuring your compensation package and company benefits meet your employees’ needs is essential for long-term employee retention. The first steps to developing a compensation plan involve analyzing the type of work employees perform.
What are the best practices for compensation and benefits?
Compensation and Benefits Best Practices. Understand the budget; HR needs to make sure they understand how the company budget is structured when it comes to compensation and benefits. Why is this important? HR needs to understand how the money is going to be spent.
Is your compensation and benefits strategy fit for today’s World?
In today’s world, every HR professional is looking at their compensation and benefits strategy. As companies fight for talent, a critical change in the strategy could ultimately seal the deal for high-performing talent courted by company recruiters. Employees today are more likely to move to another company with better offerings.
How do I become a compensation and benefits specialist?
Follow these steps to become a compensation and benefits specialist: 1. Earn your degree In order to become a qualified compensation and benefits specialist, you need to have a bachelor's degree in human resources, business or another related area of study.
How do I start a career in compensation and benefits?
Prospective compensation and benefits managers should begin by pursuing a bachelor's degree in human resources or a related field, such as business, finance, or management. Taking courses related to finance, administration, information technology, and management is a plus.
How can I improve my compensation and benefits?
7 Compensation Tactics To Help Retain EmployeesPay employees salary and incentives. ... Keep the incentive part of your plan simple. ... Establish SMART goals. ... Determine what your competitors are paying. ... Modify salaries based on employees' geographic location. ... Use merit increases to reward top performers.More items...•
What is a compensation and benefits strategy?
This is where the strategy behind performance, compensation, and benefits intersects. Benefits support basic needs, compensation fuels possibilities outside work, and effective performance management helps employees grow professionally while knowing your organization recognizes their contribution.
How can I learn benefits administration?
5 Essential Steps in Benefits AdministrationDecide which benefits to offer. ... Manage benefit costs. ... Administer benefits efficiently. ... Maintain compliance. ... Align benefits to your employees' needs.
What are the four types of compensation?
The Four Major Types of Direct Compensation: Hourly, Salary, Commission, Bonuses. When asking about compensation, most people want to know about direct compensation, particularly base pay and variable pay.
How do you calculate compensation?
Your Current Compensation Is Determined by These Factors Essentially, it's a combination of the value of your pay, vacation, bonuses, health insurance, and any other perk you may receive, such as free lunches, free events, and parking. These components are encompassed when you define compensation.
What are the three key components of compensation and benefits?
Compensation is the combination of salaries, wages and benefits that employees receive in exchange for them doing a particular job. It can include an annual salary or hourly wages combined with bonus payments, benefits, and incentives.
What are the three compensation methods?
Here are the three most popular types of compensation packages and a few notes on who might be most attracted to them.Straight salary compensation. ... Salary plus commission compensation. ... Straight hourly compensation.
How do I create a salary band in Excel?
You can also download an example file, so you can follow along.Step 1) Setting up the Data Table to Create the Salary Range Chart. ... Step 2) Setting up the Data Table. ... Step 3) Calculating the Midpoint and the Maximum for the Chart. ... Step 4) Building the Combo Chart (in Excel 2010 and up) ... Step 5) Formatting the Chart.More items...•
Are benefits part of HR?
Here are eight of the functional areas that a human resources team can focus on: Recruiting and staffing employees. Employee benefits. Employee compensation.
What is compensation and benefits HR?
What is the difference between compensation and benefits? Put simply, compensation covers people's direct pay, their salary. Benefits cover employees' indirect pay, things like health insurance and stock options but also social benefits such as parental leave.
What does HR do related to benefits administration?
Benefits administration typically falls under the responsibility of Human Resources and involves managing health insurance, retirement accounts, vacations, paid time off and parental leave. Providing employees with the right mix of benefits is critical to attracting and retaining talent and creating engaged employees.
See what the lessons are like
In this Case Study, you will explore aligning rewards, performance, and culture at a fictitious company called Broadreach.
What you will do
Your Comp & Ben strategy is a critical part of your organization's toolkit when it comes to attracting and retaining the talent you need to thrive now and in the future.
FREQUENTLY ASKED QUESTIONS
The right Comp & Ben strategy has always been essential in attracting and retaining the talent your organization needs to win in the market. As companies face major talent shortages and new challenges such as the rise of remote work, C&B is only becoming more important.
What is knowledge based compensation?
They experience the most demand in professional, scientific, and technical service industries, and any other industry where it is common to offer complex compensation, benefits, bonus, and incentive packages. Startups are particularly in need of talented specialists in this field, who can implement systems from the ground up.
What is compensation and benefits specialist?
What is a Compensation and Benefits Specialist? Compensation and benefits specialists work within the HR team to research, implement, and support the compensation and benefits structure of an organization.
How much will human resources grow in the next 10 years?
Human resource roles, in general, are projected to grow 7% in the next 10 years, while compensation and benefits roles are projected to grow 8%, according to the BLS. The industry and this role specifically outrank the national average for job growth of all jobs.
How much does a compensation specialist make in 2020?
The median pay for a compensation and benefits specialist in 2020 was $67,190 annually, or $32.30 per hour, according to the U.S. Bureau of Labor Statistics. Specialists tend to earn the highest salaries in the professional scientific and technical service industries, followed by management companies and government agencies.
How to assess employees needs?
Assess employees needs by conducting organizational surveys to find out what motivates and engages employees. Prepare job descriptions, job analysis, job evaluations, and job classifications. Participate in salary and labor market surveys to determine prevailing pay rates and benefits.
Do you need a certification to be a compensation specialist?
Certifications are not a requirement for compensation and benefits specialist, but they do show a level of field experience and passion for the industry that is desirable to employers.
What is a compensation and benefits specialist?
A compensation and benefits specialist is an HR professional who is responsible for managing employee compensation. They are the people employees can go to if they have any questions or concerns about their paychecks or benefits. Companies hire these HR professionals to ensure the payment aspect of the company is running efficiently.
What do compensation and benefits specialist do?
A compensation and benefits specialist is responsible for the following tasks:
Salary and job outlook for compensation and benefits specialist
While compensation and benefits specialist is a single job title, there is salary information on compensation specialists and benefits specialists. A compensation specialist makes a national average salary of $84,409 per year. Common benefits for this job title include stock options, wellness programs, AD & D insurance and company-provided food.
What to do with a bachelor's degree in compensation?
Once you have your bachelor's degree, you may need to gain experience as a compensation and benefits specialist. Seek employment with a company that prioritizes employee growth. Be sure to consider company values and workplace atmosphere when accepting offers, as it's possible that you could move to management within the company you work for.
Do all positions require certification?
Though not all positions require you to have certifications, there may be some companies that do. Determine which related certifications are right for you and complete them. Some companies may sponsor certification, but if your company doesn't, completing certifications could help you show your initiative.
Description
Compensation and benefits (C&B) is a sub-discipline of human resources, focused on employee compensation and benefits policy-making. While compensation and benefits are tangible, there are intangible rewards such as recognition, work-life and development. Both tangible and intangible rewards are referred to as total rewards.
Instructor
Segun Akiode is a born teacher, a Chemical Engineer turned Strategic HR Professional with over a decade work experience covering Total Rewards Strategy, Organizational Restructuring, Talent Acquisition, Human Capacity Development and HR Advisory/Consulting.
Why is compensation and benefits important?
With a fluid approach, the compensation and benefits strategy can increase the organization’s competitiveness and help find the best talent available. Companies with a strong sense of the compensation and benefits strategy will be able hire the right people more often than not and will see great business success.
Why is it important to keep compensation and benefits balanced?
Keeping compensation and benefits balanced is critical to making sure HR can continue to adapt the strategy accordingly. Most HR departments only look at the compensation of employees at the end of the year or during an employee review period.
What does higher performance mean?
Pay high performing employees well. Higher performance should mean higher pay. This is an important piece of not only compensation and benefits, but also retention.
Why are benefits important in a strategy?
Benefits as part of the strategy. In addition to retention, benefits also help attract new employees. The goal here is to be competitive and the preferred employer in the industry. Often times, benefits are a deciding factor for a potential new employee. Develop a plan.
Is compensation and benefits strategy rigid?
A compensation and benefits strategy remains in a fluid state. It’s not meant to be rigid. A stiff and stale process can lead to immeasurable loss as the company tries to attract and retain the best workers for the organization. With a fluid approach, the compensation and benefits strategy can increase the organization’s competitiveness ...
