Comp&ben
Comp&ben is a term that was formed from the contraction of Compensation & Benefits ).
Thus, Comp&ben is a part of the work with personnel at the enterprise, the strategy and calculation of material and non-material rewards for employees, as a motivational component.
Experienced Comp&ben professionals develop schemes and calculate the amount of wages and additional payments to encourage employees. In the field of work with personnel, such specialists are in great demand, because due to the specifics of their work, there are not very many of them, as a rule, they are only in large corporations or banks.
- regularly analyzes the labor market;
- manages the fixed part of remuneration (distribution of personnel according to the importance of positions held and calculation of salaries accrued to them, taking into account average, minimum market values, coefficients, as well as compiling pay scales);
- manages the non-permanent (changeable) part of payments (various remuneration, bonuses, incentives, etc.);
- manages benefits, this also includes the formation of a social package for employees;
- manages the number of employees and labor rationing, in accordance with applicable law;
- develops incentives of a non-material nature (payment of travel expenses, insurance, transfer to the desired work schedule);
- deals with the resolution of organizational issues (appointment for each position of their main functions);
- participates in the formation of the salary fund for the company's employees;
- analyzes the effectiveness of financial investments in wages.
Comp&ben uses a whole system of formulas to determine the amount of salary and incentives that management will pay to subordinates.
Usually Comp&ben department specialists are employees who worked in financial departments, consulting companies or firms that deal with grading. This work is quite complicated, a specialist cannot do without serious knowledge in mathematics. You will also have to study in detail the industry in which the company operates in order to carefully analyze what the average salaries are for positions and how competitors motivate employees.
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