SMART HR SOLUTIONS

Compensation and Benefits :Design and Structure

Compensation plays a critical and important role in an Organisation .The imbalance in Compensation pay can make or mar the organisation in the long run.

We at Synergy review the Compensation structures periodically to analyse of gaps, if any.

Compensation includes payments like bonuses, profit sharing, overtime pay, recognition rewards and sales commission, etc. ... Compensation is a vital part of human resource management, which helps in encouraging the employees and improving organizational effectiveness.

 

Compensation structures continue to evolve, and they usually do so to help organizations keep current with both market and workforce trends. Some may wonder what compensation structures are. Loosely, “compensation structure” refers to the various ways that companies can organize their pay practices. They provide guidelines for pay that help organizations identify whether their pay is in bounds. The right compensation structure means having guidelines for pay relative to the market or markets where you compete for talent, guidelines that support appropriate internal alignment, and guidelines that ensure compliance.

The India rewards market is unique. Look no further than the special terms and acronyms that exist only in this complex market: basic salaries, HRA, LTA, conveyance, EPF and gratuity. These terms are all common features of a CTC package in India that don't exist in the same way elsewhere. Due to the complexity and distinctive characteristics of India pay, it is sometimes challenging to establish or communicate compensation packages to employees in India as well as business leaders outside of the country.

It is essential to know how various pay elements align to outside markets in order to make an accurate  comparison of relative pay levels and truly understand human capital expenditures in India.

We at Synergy Talent Managers help you in understanding current Compensation trends,restructure and realign the compensation structures in such a manner that the talent is attracted ,acquired and retained to achieve the Organisational Objectives.

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Compensation and Benefits :Designing and Structuring:

Design and Implementation of Compesation Strategy in line with Business Strategy

We facilitate the designing the compensation and benefits structure in line with the Industry standards and practices.

Linkage of Variable pay to PMS

Variable pay forms an important portion of the total pay and hence critical aspects of Pay structure  are linked to PMS and we at Synergy facilitate doing this exercise .

Retain HIPOT and Key employees

Attrition has been a growing concern for many of companies and we at Synergy in discussion with the business create a strategy and structure to retain HIPOT and Key employees within the designed framework.

Levelling and flat Organisations

Proper Compensation structuring supports the Organisations in clear visibility of the roles in line with the Organisation's strategy and business goals.

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Competency mapping is important. Every well managed organization should have well defined roles and list of competencies required to perform each role effectively. Competency mapping analysis individual’s SWOT for better understanding and this helps to improve his career growth. This identifies the gap for improving knowledge to develop. Every industry in the present scenario is trying to achieve high efficiency and effectiveness in order to survive in this cutthroat competition.

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