What is compensation and benefits?
Whatever your sector or size of business, how you compensate and reward your employees will be crucial to your future. A reward strategy aligned to business objectives will ensure you recruit attract and retain the highest calibre of staff at all levels. As such this a particularly emotive and important part of an Human Resources department that is seen as a necessity rather than luxury.
The generic areas that will be covered are:
- pay and remuneration
- share scheme
- international tax
The nature of compensation means a core part of the job can be analytical, especially at the junior levels. An entry level Compensation & Benefits Analyst will spend much of their time analysing competitors pay and reward and strategies to ensure theirs are competitive. This will involve conducting and inputting salary surveys often with a third party supplier like Watson Wyatt or Towers Perrin. However the further up the food chain you progress the closer you become to the business and the more likely you are to managing a team and managing strategic projects.
Compensation and Benefits is a crucial part of any firm's HR policy. An effective comp & bens strategy will allow an organisation to attract and retain the best talent available in the marketplace. It is after all why most people get out of bed in the morning.
Compensation and benefits job titles:
The terminology used to describe this area of work varies but sample job titles may include:
- Reward Administrator
- Compensation & Benefits Advisor Job Description
- Compensation & Benefits Analyst Job Description
- Reward Advisor
- Compensation & Benefits Manager
- Reward Manager
- Head of Reward
- Reward Director
- Director of Compensation & Benefits Job Description
- Head of Compensation & Benefits Job Description