HR Zone » Human Resource Management » Salary Vs Compensation
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1435 Views
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Salary Vs Compensation
Type: HR, Report if not a HR topic
Posted 12-02-2009Reply
Team,
Could you highlight the significance of Salary Vs Compensation in recent times
This could be one possibility -
Recruiters have a major role to play in these tough economic times. The responsibility of convincing the recruit about the value of the benefits that an organisation is offering lies entirely with the recruiter. Incorporating benefits such as health programmes, stock options, and telecommuting and flexi-time choices can help recruiters create a wholesome compensation package that may lead to better talent.
Aon Consulting, a Chicago-based HR and risk management consulting firm, has developed a tool called "rewards on board" that enables both recruiters and potential recruits to calculate the value of the benefits offered. It is a web-based tool which helps ascertain the real worth of benefits. However, the downside is that it fails to account for intangible benefits like flexi-time, strong corporate culture, organisational climate and quality of workplace relationships. The onus of projecting these alongside other traditional benefits lies with recruitment managers. If managers underplay the intangible benefits, they risk depreciating the overall worth of the compensation package. Hence, they need to plan their job positioning strategy skilfully.
With worker profile changing and baby boomer population retiring, the "rewards on board" initiative gains greater relevance. The new generation of employees is more drawn to jobs that offer them enough time to pursue hobbies or be with friends and family. Thus, recruitment managers have to be sensitive to the changing needs of staff and offer them a workplace that can enhance productivity and get the best out of them.
Feeling the pulse of the worker population is critical to ensuring better staff productivity. Organisations have to emphasise the strategic nature of recruitment as a function, and keep their recruiter force active and inspired to use the best tools for attracting and retaining the right talent.
Recruiters have a major role to play in these tough economic times. The responsibility of convincing the recruit about the value of the benefits that an organisation is offering lies entirely with the recruiter. Incorporating benefits such as health programmes, stock options, and telecommuting and flexi-time choices can help recruiters create a wholesome compensation package that may lead to better talent.
Aon Consulting, a Chicago-based HR and risk management consulting firm, has developed a tool called "rewards on board" that enables both recruiters and potential recruits to calculate the value of the benefits offered. It is a web-based tool which helps ascertain the real worth of benefits. However, the downside is that it fails to account for intangible benefits like flexi-time, strong corporate culture, organisational climate and quality of workplace relationships. The onus of projecting these alongside other traditional benefits lies with recruitment managers. If managers underplay the intangible benefits, they risk depreciating the overall worth of the compensation package. Hence, they need to plan their job positioning strategy skilfully.
With worker profile changing and baby boomer population retiring, the "rewards on board" initiative gains greater relevance. The new generation of employees is more drawn to jobs that offer them enough time to pursue hobbies or be with friends and family. Thus, recruitment managers have to be sensitive to the changing needs of staff and offer them a workplace that can enhance productivity and get the best out of them.
Feeling the pulse of the worker population is critical to ensuring better staff productivity. Organisations have to emphasise the strategic nature of recruitment as a function, and keep their recruiter force active and inspired to use the best tools for attracting and retaining the right talent.