Having right success partner matters and gives you advantage
Compensation & Benefit
Are you ensuring that you demonstrate fair, equitable and competitive pay practices?
Compensation and Benefits is extremely important area of managing your people and organisational operations, finances. It helps you develop long term organisation plan and business goals, at the same time it helps organisations to retain, attract talent and sustain business operations.
The current competitive conditions in the business world make it difficult to acquire and retain the top talents. Once the organisation is able to identify, it can be unable to offer the right pay and to manage the pay increases to retain top talents. The compensation strategy is the extremely important part of the overall people strategy for organisation to be successful and stay competitive.
Here are the advantages of compensation & benefits policy:
Retain right talent
Systematically reward high performers through well designed compensation policy
Attract new talent
Have compensation and benefits parity
Right job-right pay
Benefits of Compensation & Benefits strategy
High motivated employees
Long term employee and employer associations
Reduced mental stress for employees
Ease in attracting right talent
What we do?
We at PeopleSide Consulting help you design your complete Compensation and Benefit Strategies, based on the industry practices. Our experts help you design your Compensation and Benefit Plan and policy considering the following areas:
Business trends and sectoral future: so that the organisation once plan and roll-out strategy should able to sustain it for long time, It would go against organisation if there are frequent changes in Compensation Polices, may lead into dishearten people causing attritions.
Organisation strengths, business opportunities and plans, current performance and financial health: The aspect which needs to be considered and extremely vital while making Compensation and Benefit plan.
Compensation and Benefit Surveys: The live data of what companies in similar sector do to retain talent; this could help you in making your own plan and stop the right talent going out of your organisation to join your competitor.
Do you have compensation and benefit strategy?
PeopleSide Consulting help you develop one:
We help developing a compensation strategy that can support an organization in developing a program that is in line with the work culture an organization has or wants to create.
A compensation and benefit strategy is developed to guide the design and complexity of your compensation programs; this is done by identifying your goals and objectives, considering your competitiveness in attracting and retaining employees, your emphasis on internal and/or external equity, and whether performance is tied to pay increases. Understanding what balance you want to achieve between direct and indirect financial compensation is critical in developing your overall total compensation approach.
A consistent strategy provides a strong foundation for both the organization and the employee. Without a strategy, Organisations often find themselves unsure of cost to be paid to attract new desired talent. This can lead to offering too high a total compensation package for a new employee in relation to existing employees, or being unable to successfully hire because the total compensation offer is too low to be competitive.
Compensation & Benefits Survey:
How com & Ben Survey helps you?
The survey helps organisation to benchmark the salaries, help you develop Compensation and Benefit strategy.
It is must for any organisation to understand the current pay compensations and other benefits given to the employees in order to avoid employee dissatisfaction and stop right talent going outside of the organisation.
PeopleSide Survey Methodology:
Our survey is based on target sectors, select similar organisations, with a select range of financial turnovers and People resources.
We make use of latest technology at backend to process findings of the reports, however the surveys is done by engaging participative organisations one on one.
The suggestions are made based on the reports and analytics. Our industry experts would help in understanding the prospective future of the sector and the possible trend of hiring or right sizing, skill and talent available in hiring markets. We also help you analyse the cost or retention versus cost of new talent acquisition and nurturing new employee in your organisation culture.
How survey can be helpful?
The finds from the survey will help management take decisions. The organisations, who would like to make their organisation the best place to work, look after their employee by having best compensation and benefit strategy will have to be in club top 25% companies. Companies making high profits are recommend to use this strategy, this will also sets a compensation trend in the sector, prevent loss of talent, high motivated employee who can help you sustain your company growth or even throttle it to next level.
Balancing act; Companies with no loss or not so high profits do use this strategy and remain as average paymasters. The only thinking would be to keep salary cost under control and at the same time restrict employee attrition.
Companies who do have compensation and benefit policy sometimes may end up in spending more on employee salaries and still have dissatisfaction in employees, ultimately end up in losing right talent to the competitor’s.
Ultimately how to take care of your employees, keep them motivated, help them make profits for the company and then share it with by having right Compensation & Benefit Strategy.
Would you like to know how it will works for you? Contact us.
PeopleSide Consulting is a leading consulting company; we develop people and business process solutions for global enterprises, organizations, business groups, educations institutes and Individual professionals. Through our solutions we illuminate and overcome complex business challenges, by developing required people skills and process.
PeopleSide Consulting Pvt Ltd
No 7, Anand Avenue, Lane No. 2,
Sakore Nagar, Viman Nagar,
Pune - 411014