Examples of Employee Benefits
- Leave Benefits
- Government Mandated Benefits
- Life Insurance
- Health and Dental Coverage
- Christmas Bonus
- Allowances
Government Mandated Benefits (There are 4)
- Social Security Contributions
- PAG-IBIG Loans and Contributions
- PhilHealth Coverage
- 13th Month Pay
How can you best define the salaries and hourly rates in your company?
- Define Employee Salary
- Define Employee Hourly Wages
You’ll need to scrutinize the market before defining your compensation offers.
Compensation Benchmarking
What to consider in Compensation Benchmarking (There are 5)
- Industries
- Location
- Employee Size
- Revenue Size
- Job Summaries
What are the things you need to consider in Compensation Salary?
- What type of direct compensation will you offer?
- What benefits will you offer?
- Are you r employees full-time or part-time employees?
- Will all employees be on the same compensation plan?
How to design a Compensation Plan?
- Define the company’s compensation philosophy
- Research and analyze the job market
- Decide whether you want to implement salaries or hourly wages
- Select the benefits you’ll offer
Types of Pay Grade Structures
Vertical Pay Grade and Horizontal Pay Grade
A structure in which salary and step increases relate to a person’s job title, years of experience and responsibilities.
Vertical Pay Grade
A distinguishing feature is the potential for pay increases relating to the quality of someone’s work
Horizontal Pay Grade
It is the idea that all employees are provided with fair and equal opportunities based on their individual needs.
Equity
Two types of Equity
Internal Equity and External Equity
This refers to the pay levels of an organization’s employees in comparison to those of its competitors in the same industry or market
External Equity
It is based on job descriptions, job analysis and job evaluation. It provides both internal and external equity.
Fair Compensation Plan
Clearly define what is expected of an employee in a specific role, which helps in recruiting, training, performance evaluation, and job design.
Job Description
A brief overview of the role, including its purpose and scope within the organization.
Job Summary
The official title of the position
Job Title
It typically involves gathering data through methods like observations, interviews, and questionnaires to create a comprehensive understanding of the job and its requirements.
Job Analysis
Provides benchmark for evaluating employee performance
Performance Appraisal
