Compensation & Benefits
A strategic plan for employee compensation determines how much you want to pay employees and what type of employees you want to attract. Your compensation plan entails a variety of aspects including pay scales, reward programs, benefits packages and company perks. A successful strategic compensation plan allows your business to compete in the market for the best employees in your industry.
Perks & Benefits:
Perks and benefits can make or break your company's ability to attract the best and brightest in your industry.Your decision to offer benefits is also contingent on the success of your company.
A job grade is very similar to pay grade where all jobs having the same pay are a group, except that the posts in a job grade have similar descriptions & specifications whereas jobs in the same pay grade might not have the same descriptions and classifications.
Job Grade classification helps in the recruitment process, compensation system and training and development planning of the employees in the organization.Establish the relative size of all jobs;Enable all jobs to be allocated or matched to a level or grade within a common pay structure;Ensure that pay and benefits are allocated on a fair and consistent basis and that the companies fulfill its legal obligation to provide equal pay for work of equal value;Comply with the requirements of the national framework agreement with implementation at a local level for the modernisation of pay structures, and Strike a balance of the requirement for thorough and effective analysis and evaluation of efficiency and flexibility.
Salaries scale :
A pay scale or salary structure is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.
Advantages of salary structuring for the organization: Serves as a motivational tool Reinforcing a culture of self-improvement Improves staff retention Encourages corporate transparency.
Benchmarking is an organizational change process directed toward continuous improvement. It is a search for best practices among leaders that lead to their superior performance.Advantages of benchmarking for the organization: Improving Product QualityLowering Labor CostsIncreasing Sales and Profits.
Is a systematic way of determining the value of a job about other jobs in an organization. It makes a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.
Advantages of Job evaluation: Adjust the Salary StructureTraining needs Managerial CandidatesTalent Pool
Training And Development:
Is any attempt to improve current or future employee performance by increasing an employee's ability to perform through learning, usually by changing the employee's attitude or increasing his or her skills and knowledge.
Advantages of Training & development :Increase job satisfaction and morale among employees increase employee motivationIncrease efficiencies in processes, resulting in financial gainIncrease capacity to adopt new technologies and methods increase innovation in strategies and products reduce employee turnover Strategic Development
Organization’s Benefits: Improves organizational performance, employee retention, and loyalty, improves productivity, overcoming the barriers to communication, clear accountabilities, and cost advantages.For employees it Clarifies expectations of the employees, self-assessment opportunities clarifies the job accountabilities and contributes to improving performance, clearly, defines career paths and promotes job satisfaction.
Refers to the anticipation of required human capital for an organization and the planning to meet those needs. ... Talent management is the science of using strategic Human Resource planning to improve business value and to make it possible for companies & organizations to reach their goals.
Advantages of Talent Management: Develop clear job descriptions, so you know the skills, abilities, and experience needed for a new employee.Provide effective employee onboarding and ongoing training and development opportunities that reflect both the employee's and the organization's needs.Select appropriate employees who have superior potential and fit your organization's culture, with a proper selection process.Provide promotional and career development opportunities for employees within a system that includes career paths, succession planning, and on-the-job training opportunities.Policies and procedures employees contracts And more.