To evaluate the implementation of a good compensation and benefits program, think about some key factors for the success of that mission. Let’s point out some considerations just below!
Goals and objectives
Analyze what will be achieved with this project. Workers’ Compensation benefits must meet the needs of its professionals but also serve the company’s specific objectives.
Rewards for goals, for example, can be thought of for an improvement in sales. Likewise, internal training and qualification courses can be defined as a way to hone the company’s talents. Everything must follow, therefore, according to a well-defined line of objectives and goals.
Build a job and salary plan
Assess the market and research the competition. They are reliable thermometers of what has been practiced in terms of compensation and benefits.
Thus, it is possible to draw up your own plan that differs from what is being offered, and that is capable of becoming an attraction in itself. Something that, in the short and medium term, can become a powerful instrument for attracting and retaining talent .
Analyze the budget for the project
Be careful with the compensation and benefits solutions presented, as the company’s budget for this may negatively influence them.
So, analyze the demands of the professionals, calculate everything according to the expected budget and make adjustments before announcing the measures for the entire company. This avoids burnout and ensures that the project will be a success from the start.
Types of remuneration and benefits
What types of remuneration?
It is worth mentioning the main types of remuneration in the market, which companies of all sizes and segments popularly adopt. Check out what they are below:
- Direct salary: which is the combined remuneration based on the functions performed within the company;
- Indirect salary (or benefits): these are the advantages and conveniences offered by the company, which may be free or partially or fully paid;
- Rewards: which can be occasional gratuities for achieving goals , for example.
However, it is worth pointing out that in this compensation and benefits plan, there are many ways to reward your employees. Next, let’s look specifically at the benefits.
What types of benefits?
There are several types of benefits and they are even classified into different categories. Let’s go to them:
legal benefits
The following may be considered:
- 13th salary ;
- Paid holidays ;
- Retirement;
- Corporate, private pension ;
- Insurance to prevent accidents at work ;
- Illness benefit ;
- Family allowance ;
- Paid weekly rest ;
- Maternity pay ;
- Transportation allowance ;
- Additional unhealthy conditions ;
- Night shift ;
- Overtime.
spontaneous benefits
These are the bonuses that can be adopted according to the company’s and its employees’ interests. Cases of:
- Paid leave in case of illness;
- Group life insurance;
- Health insurance or medical / or hospital assistance;
- Dental insurance;
- Periodic medical check-up;
- Subsidized meals;
- Basic baskets;
- Scholarship;
- Parking;
- Funeral assistance;
- Car loan for personal/professional use.
Many others can be mentioned, and that, as we said, should be considered when they are in line with the company’s identity and the profile of its employees.
How can HR assist in implementing a compensation and benefits system?
HR is actively involved in implementing a compensation and benefits program. After all, it is through a qualified people management work that this project is developed.
However, it is worth pointing out that this is a collective work. Management should help, as well as professionals — when heard — to ensure that the implementation runs as smoothly as possible.
This strategic role is best qualified when it follows certain guidelines. See what they are:
- Make a diagnosis and research concerning the company’s situation, identifying which salaries and benefits are below, within expectations or above what employees expected. This can guide future decisions;
- Talk to employees and understand their needs;
- Set up a career plan so that everyone feels within the possibilities of growing internally;
- Offer flexible benefit packages . This can ensure even greater alignment with the profile of each professional in the company, improving the overall level of satisfaction.
How does the compensation and benefits system help retain talent?
We highlighted above that the compensation and benefits system is an important complement to salary. Thus, a positive organizational climate of engagement and satisfaction is created, which is converted into motivation and productivity on a daily basis.
This also reduces direct and indirect costs with turnover (the proportion of dismissals and hires in a period of time), and enhances the company’s reputation. Not only does talent retention increase in these cases, but the attraction of big names in the job market is also a reality.
How to control employee compensation and benefits?
One way to ensure that this work is always monitored, analyzed and adjusted is through online management systems . They help to automate, present real-time information and understand what is working, what can be discarded and what insights can come from these indicators.
Conclusion
Throughout this article, we point out how the compensation and benefits program can bring positive points to the entire company seo agency atlanta. Also, we highlight the differences between salary, remuneration and benefits, ensuring that the implementation process occurs without mistakes and other unforeseen events.
Finally, the execution of a work of this size is continuous, and we always work to bring you tips that will help in the success of your plans.
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