Designing Employee Compensation & Benefits Programme
In HR management, good compensation and employee benefits are part of the remuneration package provided by organizations to the employee. It is one of the biggest incentives for an employee to join a company. Typically, many employees just consider salary as the only compensation, but in reality, it is much more than just the regular paycheck. According to an SHRM study, the three driving factors of job satisfaction are the respectful treatment of employees, compensation and pay benefits. Compensation and benefits can refer to everything that an organization is offering to its employees. This could be in the form of financial aid, health insurance, incentives, vacation surplus, insurance, and more. The HR department designs the compensation and benefits programme for each employee and is responsible for maintaining the same across the organization. Creating an attractive package is beneficial not only for attracting potential talent but for also retaining key employees. Kee...