Dear Friends,
Something More!
In any organisation, paying an employee for his services is not as simple and ordinary as it appears on the surface. In fact, Compensation and Benefits policy reflects the culture of the organisation. It is exchange of value. It plays a key role in shaping the culture and promoting its values. So, core values of the organisation must be reflected in the compensation and benefits strategy. It helps retain talent, enhancing employer brand and adding the market value of the product/services organisation produces.
Compensation and Benefits policy is not about copy cut and paste exercise. It is not as easy as it looks. Since it is HR's prime responsibility to have a robust C& B policy in place, HR needs to be realistic with what organisation can afford while designing the policy. Among others, know what's required by law, know what your competitors are offering and design fringe benefits that set you apart. Remember, benefits are part of an employee's total compensation. Think innovatively and consider the small things that could have a big impact. It's HR's job to help connect these dots. Creating a desirable mix of direct and indirect compensation options and benefits can help HR to create competitive edge and achieve organisation goals.
HR should be aware of common compensation issues that need to be handled which may include internal equity, external equity, perceived equity and geographical differentials.
Since there is mix of generations working together in organisations at present, the C & B policy needs a fresh look keeping in the mind the priorities of different generation employees. Overall, it appears it is shifting from direct monetary gain to improved lifestyle and psychological safety for new generation workforce. There are research and surveys that indicate the where the old generation employees prefer more cash in hand and health facilities including pension plans, new generation workforce prefer, flexi working, work life balance, paid time out, parental leave, out bound trainings, birthday/anniversary celebrations over direct cash salary. So, understanding the different types of compensation is critical to creating an attractive compensation package otherwise HR would be potentially missing out on improving overall employees' engagement.
This edition cover story is an attempt to understand the current C & B practices, and impact and challenges of technology and future trends with Industry experts insights on variety of issues thus providing food for thoughts to think innovatively.
If you like it let us know. If not, well, let us know that too.
Happy Reading
regds,
Anil Kaushik,
Business Manager - HR Magazine
B-138, Ambedkar Nagar, Alwar - 301001 (Raj.)
Mobile No. 97855 85134
http://www.businessmanager.in
From India, Delhi
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182Something More!
In any organisation, paying an employee for his services is not as simple and ordinary as it appears on the surface. In fact, Compensation and Benefits policy reflects the culture of the organisation. It is exchange of value. It plays a key role in shaping the culture and promoting its values. So, core values of the organisation must be reflected in the compensation and benefits strategy. It helps retain talent, enhancing employer brand and adding the market value of the product/services organisation produces.
Compensation and Benefits policy is not about copy cut and paste exercise. It is not as easy as it looks. Since it is HR's prime responsibility to have a robust C& B policy in place, HR needs to be realistic with what organisation can afford while designing the policy. Among others, know what's required by law, know what your competitors are offering and design fringe benefits that set you apart. Remember, benefits are part of an employee's total compensation. Think innovatively and consider the small things that could have a big impact. It's HR's job to help connect these dots. Creating a desirable mix of direct and indirect compensation options and benefits can help HR to create competitive edge and achieve organisation goals.
HR should be aware of common compensation issues that need to be handled which may include internal equity, external equity, perceived equity and geographical differentials.
Since there is mix of generations working together in organisations at present, the C & B policy needs a fresh look keeping in the mind the priorities of different generation employees. Overall, it appears it is shifting from direct monetary gain to improved lifestyle and psychological safety for new generation workforce. There are research and surveys that indicate the where the old generation employees prefer more cash in hand and health facilities including pension plans, new generation workforce prefer, flexi working, work life balance, paid time out, parental leave, out bound trainings, birthday/anniversary celebrations over direct cash salary. So, understanding the different types of compensation is critical to creating an attractive compensation package otherwise HR would be potentially missing out on improving overall employees' engagement.
This edition cover story is an attempt to understand the current C & B practices, and impact and challenges of technology and future trends with Industry experts insights on variety of issues thus providing food for thoughts to think innovatively.
If you like it let us know. If not, well, let us know that too.
Happy Reading
regds,
Anil Kaushik,
Business Manager - HR Magazine
B-138, Ambedkar Nagar, Alwar - 301001 (Raj.)
Mobile No. 97855 85134
http://www.businessmanager.in
From India, Delhi
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SUCCESS - Vol.3 - Issue No. 01- APRIL 2012 - CLOWNS..pps
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