Compensation and benefits processes belong to the most important processes to HR, which are critical to the organization and modern HR organization. Compensation and benefits related to budget management personnel expenses, setting performance standards, setting transparent compensation policies and the introduction of competitive benefits to employees. Organizations with effective compensation and benefits, has a better employee performance.
When most people hear the term compensation they think about "what a person is paid". Although this is true, it is only one aspect of a complex topic. Compensation includes not only salary, but also the direct and indirect rewards and benefits the employee is provided with in return for their contribution to the organization.
To determine compensation, organizations should develop a compensation and rewards program. This type of program outlines an equitable process for compensating employees. A well-structured program with a good balance of wages, benefits and rewards will support an organization to remain competitive in today's labor market and ensure sustainability in the future.
In this Section, you will learn about the following topics:
- Defining compensation
- Legal compliance
- Developing a compensation and rewards program
- Wages and salaries
- Direct benefits
- Indirect benefits
- Job Evaluation (Internal Equity)
- Salary surveys (External Equity)
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