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Want to create a happier workplace? Fair employee compensation may be the answer you are looking for.
Today’s employees are smarter when it comes to choosing their workplace. They are primarily concerned with hiring, morale, pay, benefits, and firing. Besides a flat pay rate, they weigh other options that a job offers before settling for one. One of such factors that are of great interest to the employee and is proved to be a crucial point in organizational success is compensation. Employee compensation is one of the most critical aspects of every business. It is one of the primary features to attract and retain the top talent in the organization.
“If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it, you almost don't have to manage them.” - Jack Welch
Recognizing the hardworking employee’s value upsurges the employees’ morale, makes them feel appreciated, and encourages them to perform well. Let us know more about employee compensation, its types, and benefits.
What is employee compensation and its types?
The remuneration awarded to the employees as a recognition of the services and contribution in terms of skills, knowledge, time, ability, and commitment is called employee compensation. The following are the few types of compensation which are offered to employees.
- Commission on sales
- Overtime pay
- Bonus pay
- Benefits like insurance, standard vacation policy, etc.
- Stock options
Merits of employee compensation
Employee compensation is of great significance to the employee and an employer due to the following reasons.
- Source of employee motivation - The feeling of adding worth to the workplace enhances employee motivation by leaps and bounds.
- Attracts talent - Every employee wants to be in an excellent financial position; so the right compensation structure attracts top talent.
- Improves productivity - A contented employee gives their hundred percent to work and, hence, contributes to improved productivity.
- Increases profitability - Well-rewarded employees show high productivity, which results in increased profitability.
- Helps in employee retention - The ‘job-hopping’ trend shows a sharp fall if employees are paid well as they tend to stay. Once employees are happy with the value they get in return for their services, the probability of skipping days because of unjustifiable reasons is also very low.
- Boosts employee morale - Employee compensation boosts the employees’ confidence and encourages them to continue accomplishing their goals.
- Helps develop a loyal employee base - Employers create a strong employee base by providing the right compensation to their deserving employees.
- Improves job satisfaction - As employees are suitably rewarded for their hard work, job satisfaction improves.
- Legal compliance - Companies must abide by the state and government laws of employee wages and compensation to avoid legal disputes.
- Good brand image - Happy employees are the best source of word-to-mouth promotion of the brand. Hence, the employee compensation plan of an organization is critical for brand image.
Let us now go through the tips to improve the employee compensation skills of your organization.
Tips to obtain benefits without hefty raise!
Every company’s HR department must ensure smooth functioning and compatibility among different divisions of the enterprise. Following are the tips to obtain benefits of employee compensation.
- Understand employees’ demographics - One-size-fits-all cannot be adopted as different benefits attract different age groups. The young generation prefers financial wellness. In contrast, the mature age group prefers family-oriented compensation benefits.
- Identify and focus on the employee needs - Conduct surveys and one-to-one discussions to identify the employees’ needs and work towards them.
- Combination of work and pleasure - Conduct meetings in tourist-friendly places and allow the employees to take their families.
- Investment for professional development - Degree related courses and certifications help in the employees’ professional development and contribute to the company’s growth.
- Introduce soft benefits - Provide remote work facilities, flexible working hours, and other such services for enticing employees.
As the importance of employee compensation is evident for the enterprise’s growth and success, we have curated the top 10 employee compensation templates for efficient personnel management. Designed by SlideTeam professionals, these templates are ready to use for presenting the employee compensation policies of your company in a detailed and structured manner. Download these templates and showcase your organization’s strong values in treating the employees in the best way possible.
Top 10 Employee Compensation Templates to Download
Discuss the types of compensation plan with your employees by introducing this employee compensation complete deck. Comprising 29 pre-designed slides, this complete deck covers a full range of topics such as building a compensation plan, appraisal parameters based on performance, and performance evaluation parameters. So, download this employee compensation template to showcase the employee performance summary and its feedback.
Highlight your company’s basic layout of the compensation plan by incorporating this professionally-designed employee compensation template. Furthermore, explain the employee compensation system, types of plans, compensation plan framework, and other important information by downloading this complete deck.
Showcase the employee compensation components using this content-ready template. Introduce this employee compensation complete deck to illustrate the various employee compensation packages. Furthermore, this attention-grabbing template is crucial to highlight the employee compensation report. Also, you can list the benefits your enterprise provides its employees using this template.
Demonstrate your company’s employee compensation plan and discuss its significance of the institutional growth by downloading this complete deck. Moreover, highlight the employee benefits criteria by employing our pre-designed employee compensation template. As this template is customizable, you can modify the content as per the business requirements.
Have an efficient employee compensation management system in your organization by downloading our ready-made complete deck. Additionally, address the different stats for the recruitment process by incorporating this amazingly-designed employee compensation complete deck.
Give details of the employee compensation plans and their various types to the employees by downloading this visually-appealing complete deck. In addition to this, the HR department can make the most of this employee compensation template to discuss the employee compensation structure and the parameters on which it is based.
Give the highlights of the compensation and benefits plan of your organization by introducing this editable template. Also, the HR department can address the breakdown of the compensation structure by downloading this professionally-designed employee compensation template.
Discuss the factors crucial in determining compensation awarded to the employee by downloading this pre-built employee compensation template. Additionally, you can state the focus points of each element to emphasize the importance of employee compensation for the betterment of both the employee and the employer.
Discuss the breakup of the employee compensation structure of your enterprise by introducing this high-quality template. This employee compensation template is particularly useful for brainstorming sessions. Furthermore, every important point can be addressed in detail by introducing this employee compensation template.
Employ this customizable employee compensation template to mention the details of the employee who is rewarded compensation. Moreover, effectively portray the in-depth explanation of the salary structure and other critical information by downloading this template.
The importance of employee compensation cannot be overlooked for its progress and recognition of a talented workforce. Download these top 10 employee compensation templates to set a strong foundation for the company.
After all, happy employees are the anchors of the grand corporate venture.