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Types of Compensation: Everything HR Needs to Know

HR Lineup

Compensation goes beyond just the salary paid to employees and includes various elements designed to reward and recognize their contributions. HR professionals play a crucial role in benchmarking salaries against industry standards, ensuring internal equity, and addressing any pay disparities within the organization.

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Employee Cost: How to Calculate the Cost of an Employee?

HR Lineup

However, their value goes beyond just their salaries. These include: Base Salary: The primary component of an employee’s compensation, typically determined by factors such as job role, experience, and market rates. Employees are the backbone of any organization, driving its success and growth.

Salary 130
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15 employee recognition gifts for showing meaningful appreciation

Achievers

But with employees having more choice in where and when they work than ever before, simply offering a competitive salary won’t make your organization stand out from its competitors. Every business wants to attract, engage, and retain the best talent. This could be a film, athlete or sport, book, or other interest.

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7 strategies for a successful total rewards program

Insperity

It doesn’t just entail traditional salary structures, but additional elements that contribute to employee well-being, job satisfaction, and personal growth and development. For instance, a company valuing innovation might introduce creative workshops or projects as part of its total rewards program.

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Employee financial wellness: Why it matters in the workplace

Insperity

59% of employees feel their salary has not maintained pace with the rising cost of living. You also don’t want to have to continually replace people who leave for a better salary – it’s costly and time consuming to recruit and train new employees. But increased salaries may not always be feasible.

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5 Companies That Are Responding To The Needs Of The Millennial Workforce

15Five

Examples include kiteboarding lessons, VIP tickets to the game , glassblowing workshops, or even becoming James Bond for a day. I’m not a millennial, but I still gained tremendously from workshops on finance given by our CEO. Want to find out what your workforce really wants? Ask them with 15Five!

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How to develop and refine critical human resource skills

PeopleStrategy

The basics include ensuring employees receive their correct salary on the expected pay date – via ACH direct deposit or as physical payroll checks – as well as covering any commissions, bonuses or expense reimbursements. Payroll management represents one of the key hard skills in HR.