Compensation and Benefits

Every HR in organization is looking at the compensation and benefits strategy. Employees are more likely to move to another company with better offerings. Best practices in compensation and benefits are:

1. Make sure the compensation and benefits budget is structured.
2. The compensation and benefits budget can be developed by benchmarking similar jobs or based on internal practices.
3.  Audit compensation on a regular basis, any changes could impact to salaries.
4. Employees who don’t feel worthy paid will going looking for a company.
5.  Benefits also help attract new employees.  The benefit goal is to be competitive and the preferred employer in the industry.
6. The plan developed is the compiling of all the previous practices into one strategy.

Reference: https://www.hrexchangenetwork.com/hr-compensation-benefits/articles/compensation-and-benefits-best-practices