Human Resource Management (HRM) has never been as significant as it is today. Companies want to attract, retain and motivate brains to meet objectives. Today Humans are regarded as one of every company’s assets so they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation Management. In this hub, I shall define compensation and benefits along with their advantages for a company and its workers. My dream job will be Compensation Manager in HR department. Compensation managers plan, direct, and coordinate how and how much an organization pays its employees. Benefits managers do the same for retirement plans, health insurance, and other benefits an organization offers its employees. Job Description:
Compensation and benefits managers typically do the following: •Set the organization's pay structure and benefits offerings so the organization can compete for employees •Participate in or buy salary surveys to see how their organization's pay compares with that in other organizations •Determine competitive wage rates and develop or modify compensation plans •Evaluate employee benefits policies to assess whether they are current, competitive, and legal •Coordinate and supervise the work activities of specialists and support staff •Oversee the distribution of pay and benefits information to the organization’s employees •Ensure that pay and benefits plans comply with federal and state regulations •Collaborate with outside partners such as benefits vendors and investment managers •Prepare a program budget and keep operations within budget
Although some managers administer both the compensation and benefits programs in an organization, other managers’ particularly at large organizations often specialize and oversee one or the other. All managers, however, routinely meet with senior staff, managers of other human resources departments, and the financial officers of their organization. In addition to their administrative responsibilities, compensation and benefits managers also have several technical and analytical duties. For example, they may do complex data analysis to determine the best pay and benefits plans for an organization. They also must monitor trends affecting pay and benefits and assess how their organization can improve its practices or policies. Using a variety of analytical, database, and presentation software, managers frequently identify and present their findings to other managers in the organization. Compensation managers are responsible for managing an organization’s pay structure. They monitor market conditions and government regulations to ensure their pay rates are current and competitive. They may collect and analyze data on wages and salaries, and they evaluate how their organization’s pay structure compares with other companies. Compensation managers then use this information to maintain or develop pay scales for an organization. Some also design pay-for-performance plans, which include guidelines for bonuses and incentive pay. They may help to determine commission rates and other incentives for sales staff. The median annual wage of compensation and benefits managers was $89,270. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $52,150, and the top 10 percent earned more than $151,090 (Forbs, 2011).
Compensation opportunities include:
•Sales commission plans
•Non-sales bonus plans
•Recognition and rewards
Health & Wellness Benefits:
•Medical/prescription, wellness, dental and vision coverage paid with pre-tax contributions, which are determined based on salary and the plans selected. •For medical coverage, aDc Technologies makes available the following 4 Plan Choices: 1.Cigna Open Access Plus –...