Hello, apart from sharing a few links that would give you information on compensation and salary structurization, I wish to imbibe the following information on Compensation and other benefits -
Although money isn't everything, it certainly is one of the top issue potential employees look at when considering new companies.
To make your company competitive and attractive to job candidates, you have to offer an exceptional total benefits package. That makes it a very important part of your business planning and management process if you hope to hire (and keep) top employees.
As a result, there must be many questions running in your head -
1. How do you make your benefits package attractive and competitive without financially jeopardizing the success of your business?
2. What perks can you offer that won't cost you additional money, but will mean a lot to your employees?
3. How do you set salaries?
4. What benefit costs are tax deductible?
Forms of compensation:
1. Your incentives should be based on achievements and should include all you employees or atleast the whole team.
2. Again rewards should be result based. We cannot simply give rewards for trying. Rewards can be given only if the trial brought in result.
3. Do not limit the amount of incentives. There should always be an open limit or atleast communicate a limit higher than what is being currently achieved. This will motivate the team to push more to achieve better targets.
4. In addition to regular benefits that include health insurance / medical reimbursements, retirement plans - PF & Pension, Conveyance Allowance etc, employees seem to be actively seeking companies who offer more of the tings they value. As a result many companies are going for flexible salary structure wherein the employee sits with HR and according to his/her needs and convinience, gets the structure framed for him/her self.
5. Many employees are okay with a decent pay if the company focuses on work-life balance.
Apart from this there are few benefits and perk which will not cost you and yet keep your employees engaged -
1) Flex time:
Allowinf flexible work schedules in your business is very often the most strategic thing you can do from a hiring standpoint. Often, companies that offer flex time find their employees are more productive, motivated and loyal.
But how do you structure it so that you don't have disgruntled employees whose hobs really can't be flexible?
One way out is to allow the employees to come up with creative ways to make their schedule flexible. Try out this solutions with a limited basis and try to measure your result. Also make sure your employees keep your clients in mind when they devise their plans. Any plan that hinders client contact probably isn't one you want to adopt.
2) Telecommuting
Today you have to measure an employee's worth by what they produce, not by how many hours you see them sitting at their desks.
The benefits for your employees can be substantial. They can save time since their commuting will be very brief stroll. They also benefit from a quieter and less interuppted environment. They can woek whenever the inspiration hits them. Or if they have an appointment in the afternoon, they can make up the time later that night.
You too would benefit from the increased loyalty and boosted morale of your telecommuting workforce.
Further reading -
Ten Steps For Building A Salary Structure | International HR Forum
Wages and Salaries | Compensation & Benefits | HR Toolkit | hrcouncil.ca
Salary Basics- Pay Structures
http://kenexa.com/Portals/0/Download...Structures.pdf
https://www.citehr.com/234112-salary...deduction.html
https://www.citehr.com/291446-salary...alculator.html
https://www.citehr.com/47732-please-...lculation.html
Hope it helped :)