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Compensation and Benefits
Specialist HR - Compensation and Benefits
Compensation and Benefits is a specialist element within Human Resources and People Management.
Compensation and benefits refers to the compensation/salary and other monetary and non-monetary benefits passed on by a firm to its employees. Compensation and benefits is an important aspect of Human Resource Management as it helps to keep the workforce motivated. It helps give benefits to employees based on their performance and actions and brings the best out the employees at workplace.
Importance of compensation and benefits
Companies hire people individual to achieve their organisational goals and people join companies to earn money & build their career. One of the biggest factors why people join companies in the compensation and benefits, salaries, perks, incentives etc which is given to them. Apart from the company’s reputation and job profile, the money offered as a salary is pivotal in attracting people to work for the organisation. The more the compensation and benefits offered to employees, the more is their loyalty, motivation to work and do well. However, companies which offer lesser salaries see a high attrition rate and less productivity from employees. All these factors help in making compensation and benefits an important factor in managing workforce. Salaries of employees are defined by several parameters like experience, education background etc. In senior management, skills like team management, communication management, leadership, time management etc are also considered while finalising the pay package.
Compensation and benefits components
There can be several ways where benefits can be given to employees. Mostly it is given in terms of a gross salary. Some of the various components of compensation and benefits are mentioned below:
1. Fixed pay: This is the basic salary paid to the employee irrespective of any other factor. This is stated clearly in the employment contract. This is the compensation or salary or wage which an employee or a worker will definitely get as long as he or she is an employee of the company.
2. Variable Pay: This is the additional compensation paid to employee based on employee’s performance, company performance etc. Since variable pay is based on the performance of an individual, it motivates the employees to perform even better.
3. Equity Pay: Employees are awarded shares of the company, often at a discounted price. Employees are expected to make money out of them by the appreciation of the stock price and the growth of the company. This is mostly given to the senior management who have served the company for a long time.
4. Other benefits: Benefits such as medical facilities, insurance policies, company owned car or flat etc all play an important role in motivating employees. These benefits are given by the company as a part of recognising the services of an employee.
Difference between compensation and benefits
Both the factors are important in motivating employees for doing their work and paying them for the services they are doing for the company. However, there is a slight difference between compensation and benefits. Compensation is completely related to the money which is being paid to an employee i.e. salary. bonuses etc. On the other hand, benefits are the non-monetary incentives given to employees like health benefits for which the employee doesn’t have to pay.
People in HR offers a value proposition based upon over 25 years expertise in providing Human Resources professionals to a myriad of clients. Our clients value our extensive multi-sector Industry knowledge constructed from our own employment experience within Corporate, Middle-Tiered and SME companies.
A shortage of the right talent is a top concern for all companies in all Industry sectors and geographies presently.
Our well respected company ethos together with tightly honed search and selection techniques helps our clients meet this challenge and turn their newly acquired talent into a source of competitive advantage.
We offer a full recruitment service for strategic, management and executive roles; we source and screen all of our candidates. We handle everything in-house, nothing is outsourced. We love a challenge and will always give best advice on how we can overcome these challenges in partnership with you.
If you are looking for assistance in recruiting staff for HR and People based jobs on a contract or permanent basis please call us on +44 (0)203 826 7835 or upload your vacancy here and one of our experienced consultants will contact you ASAP with availability and a quotation for the services to be provided.
Here at People in HR we have a wide range of on-going vacancies available on a contract and permanent basis – some of them on an exclusive basis.
Often, due to our excellent relationships with certain clients, we are representing opportunities with clients that are not in the public domain for confidentiality reasons.
We support candidates throughout the recruitment process and focus on strategic, management and executive positions. Our personalised approach ensures we are best fit for Human Resource professionals looking for their next career move.
Typical positions we recruit for within the HR Sector are listed in the right hand column of this page.
If you are interested in finding out how we can assist you in finding your next opportunity in the UK or internationally then please call us now on +44 (0)203 826 7835 or register online here and one of our HR Consultants will contact you ASAP.
Human Resources Positions….
- HR Assistant
- HR Administrator
- HR Advisor
- HR Coordinator
- HR Business Partner
- HR Officer
- Learning & Development Officer
- HR Analyst
- HR Consultant
- HR Manager
- Head of HR
- HR Director
- HRIS Manager
- HR Generalist
- HR Specialist
- Internal Recruiter
- Recruitment Coordinator
- Resourcing Business Partner
- Talent Manager
- Training Designer
- Payroll Manager
- Benefits Analyst
- Transformation Consultant
- HR Business Analyst
- Training Manager
- Recruitment Business Partner
These are just a few examples of positions we recruit for, other positions are available.
To see our latest vacancies, please click here: Human Resources Jobs