| Compensation, Benefits & Reward Management |
Compensation refers to all forms of pay and rewards received by employees for the performance in their jobs including all forms of cash, benefits, services, and perks. It is important to recognize and communicate your "total" compensation as the "complete package" you are providing to your employees. This should be done so that the value of what you are offering in compensation is clear and that it in turn attracts and retains the people you need.
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| The objectives of compensation are to |
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Attract employees |
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Motivate personal growth |
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Meet legal requirements |
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Sustain high morale |
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Retain valued employees |
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Motivate for managing & improving performance |
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Above all, make contribution to the organization beyond routine job & build ownership amongst employees |
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Compensation might be pay linked to performance objectives, competencies or skills required to perform the job, larger business strategies or goals, the position in relation to its importance of the business strategy and/or rewarding team accomplishments.
In today's dynamic business environment, it makes good business sense to realize the importance of compensation program and the flexibility that your business has in creating a more customized compensation package. This will in turn promote the attraction, retention and development of quality people.
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| Our services in this area include |
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Designing & developing a compensation and reward system. |
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Conducting a market survey to determine salary levels. |
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Writing job descriptions. |
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Establishing a job evaluation system and conducting job evaluation. |
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Comparing job positions to job descriptions to ensure proper job classification. |
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Designing Compensation structure, grades, designation etc. based on internal valuation and which is market driven. |
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Developing a benefits program. |
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