Hr Compensation Case Study
The major responsibilities of compensation and benefits HR are to analyze the compensation policies, the various government rules and regulations, prevailing salary rates in order to develop a competitive compensation strategy. He is also responsible for informing the employees about the various plans and guiding them on choosing the appropriate one as per their personal requirements. It is very essential that the policies of the company are changed as per the market scenario and hence the HR is also responsible for recommending changes, designing and development of tools that would help the employees in selecting the benefits. Modifying the policies in order to ensure that the programs are current, …show more content…
Q1. What are the various skills required to succeed as a Compensation and benefit manager?
Paying attention to people, listening to their problems, understanding the context and asking appropriate questions to understand the thing better when required
Comprehending written text in work related documents Talking effectively in order to convey the right information to others Identifying the strengths and weaknesses of various solutions using logic and reasoning Analyzing the relative costs and benefits of possible actions in order to choose the optimum …show more content…
Notable compulsory benefits comprise of Medicaid,basic Medicare,Social Security retirement,Public Assistance,Social Security disability,unemployment insurance,Supplemental Security income and compensation for workers .
Q5 What factors should be kept in mind while designing new salary slabs and compensation packages?
A5 While designing new salary slabs and compensation packages the companies must analyze that what amount of resources they can afford for the employees and also the ramifications of the decisions made for example will they have an effect on employee turnover or productivity. Moreover some employers feel that pay can have an influence on the work culture and behaviour and hence they link it to the performance. Also the social, economic, legal and political forces exert an influence on the compensation management.
Q6 What is the difference between compensation and benefit?
A6 Compensation: Compensation in simple terms refers to the employer’s feedback for the work done by the employee. It refers to the monetary value that you would like to give to the employee in return of the services