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Compensation has the financial component attached to it. The employees work for the compensation only as company employs an employee for getting its work done and in turn pay them in financial perspective known as Compensation. The compensation is broken down into various components such as basic, house rent allowance, other allowances, transport, education allowance, gratuity, mediclaim etc.
Compensation is the major driver for the job so all the employees drawing more compensation would be attracting towards their jobs and would try to put their best efforts to achieve success in his/her profile. The compensation of every company will be benchmarked with others and in terms of the industry as sophisticated and senior jobs would obviously involve much more compensation than others, whereas the junior profiles or the jobs will involve lesser money in terms of the compensation benefits which is been given to the junior positions. Compensation is now-a-days calculated as a cost to the company where even a single rupee is taken into consideration while calculating the overall financial aspect related to the employee’s compensation.
Compensation also comprise of various statutory compliances such as gratuity, provident fund, employee state insurance which are quite essential to be included as a part of the overall compensation of the employee.
It is also quite imperative to pay the employee as per the cost of the living and the industry standards as if a company hires management trainees but pays him lesser in comparison to other companies placing the trainees from the same institute, so the companies like Hewitt associates and various PWC like companies keep on doing the compensation and salary surveys in order to inform the industry on the latest trends and pay packages so that the retention of the employees is highest. As if the entire industry will pay the same experience, the same compensation, no employee will leave for the better packages.
Benefits of having benchmarked compensation are as follow
a. The industry standards will be set as per the requirement, experience and various other criteria.
b. There will exist a brand loyalty and people will not betray each other for the financial perks.
c. It will be a motivational drive in achieving the objective of an employee’s job profile.
d. Compensation monitors and makes the company as well as industry competitive.
Compensation has to be demarked and set by a human resource individual who considers all the factors and the criteria and then lays down the entire process of deciding on the salary package or the compensation. The human resource individual is appointed by any company to take care of the perspective of the compensation and ensure the people or the employees get paid off as per their experience, age, qualification and various other factors or the determinants so that the competition remains healthy from the industry point of view. The surveys are the best possible source of determination of the salaries or the compensation as they are being done in the entire industry with collection of best primary as well as the secondary data sources and then only evaluation and the conclusion of the kind of compensation is being decided upon.
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