Every company has its way of giving its employees the right compensation and benefits. However, there is one common thing that all companies share. It is preparing and giving compensation and benefits forms. As a human resource officer, it is a challenge for you to handle this sort of activity, especially if your company has many employees. Luckily, we have shared our compensation and benefits form template that can guide you. Scroll down and read more about this topic below.
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What Are Compensation and Benefits?
Compensation and benefits refer to the privileges a company gives to its workers in exchange for their labor. These two are parts of human resource management. Compensation is simply an employee’s salary or income, while benefits cover indirect compensation, such as pensions, government-mandated benefits, and other benefits offered to the employee.
What Are Compensation and Benefits Forms?
Compensation and benefits forms are records reserved for salaries related complaints and concerns of employed staff members. It is usually under the human resource department. Employees used these forms to claim their pay and to enroll themselves in the benefit packages that the company offers to them. Nonetheless, keeping these completed forms is essential to every company as it can help them compile the files of the employees for liquidation and other sorts of documentation. It can also help the company gather numbers of transactions and inquiries in a year.
How to Create a Compensation and Benefits Plan?
A compensation and benefits plan is a complete package that outlines the bonuses, salaries, benefits, and terms of payment of the workers. Compensation and benefits plans contain specifics of wages, incentives, and commissions paid to workers. Also, this plan can include scheduled raises and increases for years of service. Below you will find steps related to how you can create your compensation and benefits plan.
Step 1. Start From Scratch
To craft a compensation and benefits plan, you need to start from scratch. Try to think about the number of employees your company will need and what positions your company needs. Write all of these job titles or positions in the document.
Step 2. Create a Job Description
Once you have determined the position or job titles your company needs, you should write full job descriptions for each of these positions. You can get these ideas by searching related topics on the Internet, searching for your competitors’ websites, or use some job description templates from the Internet.
Step 3. Determine the Right Amount of Compensation
Upon searching, you may found something that can help you with the plan. By doing so, you can determine how much compensation and benefits you should provide to attract potential and right employees to apply. You can also study some strategies that are used by other companies. When studying their strategies, give importance to how much money they offer for the specific jobs you need to fill and what package deals are common.
Step 4. Add the Overtime
Many employees are working overtime but didn’t get the right amount of pay. So, you can add this to your compensation budget. It is because overtime pay costs a lot, and it could affect your bottom line. Also, including the overtime pay in your plan can help you attract more employees to apply.
Step 5. Classify the Incentives and Benefits You Provide
To make your plan or program more credible, you must identify the benefits and incentives you offer. You may include basic health insurance, vision, and dental treatment. Some companies also provide things like gym memberships, technology grants, and so on. Also, find out what incentives you can afford. You may want to consider voluntary benefits as an affordable choice. Think about what incentives can inspire the employees and fit your budget. It is common for sales compensation programs to provide incentives to meet sales goals like bonuses or higher commission payment rates.
Step 6. Write Your Decision in the Document
After scouting everything needed and determining the right compensation and benefits to offer each position, write these in a document. By getting all this information in one paper, you can share your compensation and benefits package with your workers when they are employed.
Why compensation and benefits are important?
Compensation and benefits are essential to every worker for two reasons. First, employees will not work for you without gaining money. Second, benefits are a substantial issue with a clear objective and are not something that companies should ignore.
What are examples of compensation?
Compensation also refers to as a reward for excellent job results. Examples of such programs include incentives, commissions, stocks, benefit-sharing, profit sharing.
What are the different types of compensation?
There are several types of compensation that you can learn. The various types of compensation are:
- Hourly Wages
- Sales Commission
- Stock Options
- Incentive Pay
- Other Variable Pay
- Benefits (healthcare, paid leave, etc.)
- Non-monetary compensation (recognition, meals, etc.)
How to compute the compensation?
You need to add the wages, payroll tax, benefit, and incentive costs to calculate the overall compensation expenses. Calculate the quarterly or annual expenses and divide them by 3 or12, respectively, to assess the monthly salary expenses.
Compensation and benefits are essential factors in every company. Without these two, nobody would want to work for any company. That is why the human resource department is doing its best to provide employees with a clearer and detailed compensation and benefits form or sheet. Clear and detailed forms can help employees understand more about their salaries and benefits. The next time you’ll prepare a compensation and benefits form for your company, you can use our templates to guide you. Just download it, and you are good to go!
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