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News & Press: Compensation & Benefits Committee

New Blog Post - Compensation Plans

Friday, February 8, 2019   (0 Comments)
Posted by: Samantha Tyler

What is a compensation plan and what do HR pros need to know about them?

  A compensation plan is the full compensation package for an employee, not just hourly wages or salaries that are addressed through the development of job descriptions. A compensation plan addresses benefits (health insurance, vision, dental, retirement plans, and performance bonuses or incentives). All of this takes into consideration the overall cost to the employer and total value of compensation to the employee, basically, the incentives and/or benefits that are used to attract and retain employees, both of which are a win for employer and employee alike. Compensation programs are an important part of an overall human resource strategy. Obviously, compensation is important to the organization’s employees but the organization’s compensation philosophy and strategy will become a blueprint for the design of effective total rewards programs.

All about the meeting

The February SAHRA meeting speaker is Laura Ingram, SPHR, SHRM-SCP, Vice President HR Services, AAIM Employers’ Association. The program will provide participants with an in-depth understanding of the importance of having a formal compensation philosophy and strategy as well as the steps to follow in the design of such. There will also be a review of the steps required to design a complete compensation plan, and a discussion of the pros and cons of market-based vs. internal equity-based pay structures. The meeting will also be the kickoff for the local and national Wage and Salary Surveys and local/national Policies and Benefits Surveys. See table below for more information on surveys.

 


more Calendar

2/19/2019
Local HR Event - HR Toolbox: Implementing Practices to Improve Civility in the Workplace

2/21/2019
Establishing a Compensation Philosophy and Strategy & Building Pay Structures

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