What does compensation include?
Compensation can refer to all forms of pay and rewards received by employees in exchange for performing job duties and responsibilities. This can include all forms of cash, benefits, or perks.
2 types of Compensation given to employees:
- Direct: includes wages, salaries, incentives, bonuses, commissions, and stock options
- Indirect: includes benefits such as health care, dental insurance, flexible spending accounts, 401k, and workers compensation.
Why YOU should have a compensation strategy:
- Attract talented employees
- Retain high-value employees
- Motivate performance
- Increase employee morale
- Meet legal requirements
- Link pay to performance objectives
- Link pay to business strategy
- Reflect organization culture with employee compensation
How will HRG provide you with a compensation strategy that enhances your organization?
HRG’s compensation team is experienced in providing organizations with the data and the processes you need to insure that your compensation is competitive enough to motivate and reward your workforce. HRG will incorporate your business objectives to create a compensation program in accordance to your employee demographic and budgetary constraints.
