Understanding Employee Compensation and Benefits in IT: What Should HR Focus On?

Dear Seniors,

Can you please tell me what it means when someone is talking about employee compensation and benefits? If the HR Manager of an IT company was told to look after the compensation and benefits, what should he actually focus on? Kindly provide me with an idea of what benefits include and what compensation is all about. Please consider that the company is an IT services company.

I am eagerly waiting for your valuable suggestions.

Warm Regards,
Dev

Dear dpray,

Salary Processing, Disbursement
Wage Fixation
PF and ESI Formalities
Full and Final Settlements
Medical Allowances
Other incentives
Bonus
Leave encashment and balance
Grievances related to all the above...

These are the few things that form a part of Compensation and Benefits in any organization.

Truly Yours,
Kumar. H. P.

Compensation and benefits manager job description:

1. Compare the salary structure with the similar industry.
2. Forecast salary increases within the similar industry.
3. Participate in salary surveys.
4. Compare the salary survey reports with their own industry.
5. Project salary hikes and their financial impact.
6. Identify financial impacts where necessary.
7. Ensure compliance.
8. Compare flexible benefits plans for compliance.

Jayashri

Hi,

I hope this material is of some help.

Kirti