Give Your Employees The Gift Of Great Benefits
Benefits vs Salary
- Benefits show the company cares about people
- Benefits are a predictor of job satisfaction
- Benefits increase the company’s appeal
Crystal Clear helps you establish, maintain, and manage benefits for the employees of your organization. This can include:
- Medical insurance
- Pension plans
- Individual retirement accounts (IRAs)
- Vacation time
- Sick time
- Maternity leave
Building Your Compensation Philosophy
Compensation philosophies are usually drafted jointly by company executives and the human resources team. A number of factors should be taken into consideration during the development phase, including the company’s size, financial position, industry and objectives. Also important are market salary data and the level of complexity involved in finding the right talent.
Compensation philosophies typically address:
- What (types of compensation).
- Why (reasons for the compensation).
- How (strategies for supporting the goals of the organization).
- How much (quantifiable basis for payment).
- How often (frequency of disbursements).
You’ll need to review your compensation philosophy from time to time to ensure it echoes current market conditions affecting your business. For example, when there’s a shortage of skilled workers, you may need to pay a higher salary in order to secure the right fit. You would also need to update your compensation philosophy so that it supports this need.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.