By Zuko Komisa
When it comes to worker’s compensation, there are a number of factors considered by employers.
A compensation expert often manages employee compensation on behalf of the human resources department.
According to Remuneration and HR consultancy, 21st Century, before you accept a position, the HR professional must make sure that an offer is both internally and externally aligned.
In a perfect world, they say external fairness is predicated on the organization’s requirement to compete in a free market for abilities, whereas internal fairness relates to the relative rank/size assigned to different functions within a company.
So what are best practices when it comes to worker’s compensation?
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Kaya Biz with Gugulethu Mfuphi Smangele Maphanga – Sales Manager at 21st Century on what your employer thinks about before deciding how much to pay you.
She broke down both sides, how organisations operate and what most employees look for in organisations.
LISTEN TO THE FULL CONVERSATION:
On the total guaranteed package
When many people look at remuneration they think about fixed pay, they don’t look at what makes up the total guaranteed package, what is also called ‘Total Cost to Company’, so individuals need to understand that it is not just your annual basic pay, but also the benefits afford in the organisation.
Do they have medical aid, do they have pension and provident fund? There’s so many tthings that inform the gauranteed package.
On succession planning
“Individuals want to know about succession planning, and we call this the total reward approach. They want to know about flexibility, the culture of the organisation, and yes remuneration is a big part of it.
“People need to look at it from a holistic approach, is there flexibility within my work, the culture, the leadership, the performance? Do I have inspirational leaders I can look up to?”
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