Total compensation, the benefits and compensation package that a company
provides to employees, is one key piece of the puzzle that affects employee retention. Many components go into this total compensation package that require constant monitoring to ensure competitiveness in the marketplace and appropriateness for the employee population. Benefits and Compensation can include any of the following:
- Insurance – Medical, Dental, Vision, Disability, Life, Etc.
- “Cutting-Edge” Benefits – Long Term Care, Sabbaticals, Etc.
- Time Off – Vacations, Leave Of Absence, Sick Time, Etc.
- Alternative Benefits – Child Care/Elder Care/Work-Life Options
- Alternative Work Schedules/Telecommuting
- Counseling (EAP)
- Job Descriptions
- Pay Policies for all employees
- Incentive And Bonus Plans
- “Creative Compensation” Strategies
- Savings And Stock Plans
- Profit-Sharing Programs
strategic HR inc. can assist with your Benefits and Compensation needs by:
- Analyzing competitiveness of current employee benefits
- Identifying creative alternative benefits (i.e. low cost / no cost)
- Conducting Job Analysis/Evaluation in order to develop job descriptions
- Analyzing and designing compensation structure
- Researching industry salary survey data
- Developing merit- and performance-based compensation plans
- Developing incentive and bonus programs
- Creating recognition and rewards programs