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Financial Planning & Analysis Manager Salary – Comprehensive compensation planning enables your organization to create compensation systems that fairly reward employees and support business goals. What exactly is compensation planning, what are its goals, and how do you handle compensation planning in practice? Let’s find out.
Before we get into the compensation planning process, let’s quickly discuss what compensation is. Compensation is considered to be the sum of monetary and non-monetary benefits received by the employee for his work. Different types of compensation include base pay, company bonuses, stock options, and benefits such as insurance, retirement programs, and parental leave. We will talk about this in more detail later.
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In the so-called war on talent, employee compensation is an integral part of how you attract and retain talent at your company. It also directly affects the productivity of your organization. However, a recent study by Payscale found that less than 50% of companies have a strategic compensation plan.
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Compensation planning is the responsibility of the HR manager/department and/or a specific compensation and benefits manager/department. It involves a strategic approach to balancing your company’s financial interests and operational goals while attracting, retaining, growing and rewarding its employees.
The compensation plan also includes how you pay your employees, the company’s bonus structure, and when your team is eligible for raises.
Organizations need a strategic compensation plan to remain competitive in their markets and to attract and retain top talent. Employers who do not conduct a competitive analysis and do not pay their employees what they want will lose employees to other companies and not get qualified candidates for open positions.
According to PayScale’s 2021 Compensation Best Practices Report, today’s businesses are finding it harder than ever to find and retain qualified employees. To attract long-term team members, many companies have turned to a strategic approach to compensation and career development opportunities, as well as better benefits and performance rewards.
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Furthermore, running a company without a predetermined remuneration budget is a disaster waiting to happen for both the employer and the employees. When compensation budget decisions are made without oversight, employees may become dissatisfied with what they are offered for their jobs and start looking elsewhere. According to Gallup, turnover can also cost an organization 1.5 to 2 times the salary of an employee. If too many people leave your organization, you will not be able to achieve your company’s financial goals.
There is also a legal aspect. For example, if you unfairly pay employees different wages for the same work, your organization could be in trouble due to equal pay violations. Compensation elements
Five components make up compensation. These elements are also called the total reward system. This system includes all the compensation measures an employer takes to attract and retain talent. The five elements are:
Understanding the objectives of compensation planning is a good place for HR. A key success indicator should define each goal. That way, you’ll know if your organization is making the right impact.
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A compensation philosophy provides direction and clarity for compensation decisions in your company. It forms the basis of your overall approach to compensation and will form the basis of your compensation plan.
The compensation philosophy gives you a framework to come back to when you make updates later. Whether you already have a philosophy or are creating one from scratch, make sure it fits your organization’s culture, size and resources. 2. Conduct industry/market research
Developing a strategic compensation plan is complex, but it doesn’t have to be overwhelming. HR will start off on the right foot by researching and analyzing salaries and compensation in the same industry for similar jobs. This is also known as salary comparison. There are two main ways your team can do this:
You’ll also need to gather information about your current compensation structure to make sure it’s still competitive. Some companies have compensation analysis tools that can organize this data for you, but it’s not necessary. Instead, your team can start using a spreadsheet and manually pull data from the HRIS.
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It may also be wise to conduct a salary analysis to ensure that employees with the same job are not paid significantly differently. For example, let’s say you recently hired someone with a higher salary for the same position you already hold. In this case, you should plan to upgrade the class of existing employees to avoid turnover. 4. Align your planning with your business goals
Your compensation plan should support your organizational goals. As a company, you have a specific mission and vision that you can only achieve by attracting, motivating and retaining the right people.
With this in mind, total compensation is one of the highest costs you will incur as an organization. Therefore, you need to create a compensation package considering your resources.
Strategic compensation planning is a complex process that not all HR professionals are confident in executing. You and your department will benefit by gaining the knowledge and skills needed to plan compensation that impacts the business. For HR professionals, getting certified in compensation and benefits is a great start. 5. Start creating salary ranges and grades
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Creating a salary structure in your organization has two parts. The first is to create a salary range. This helps employers manage compensation costs and ensures wages are fair to employees. Employers must have logical explanations for why they pay their employees a certain amount. Setting a salary range helps achieve this. Start with critical roles or positions where you have a lot of employees. If you already have salary ranges, review them to determine what improvements your team can make.
In the salary range, you will want to add the salary grades. A pay scale is a pay format where employees are placed on a pay scale based on their experience. For example, you hire two HR managers with the same title and job title, but one candidate has five years more experience. You’ll pay more to a more experienced candidate, and salary ranges help you categorize why you’re paying someone more than another for the same position.
According to the US Bureau of Labor Statistics, compensation-related costs account for an average of 70.8% of employer expenses and are also your largest asset. As you can imagine, managing your compensation budget is an integral part of your company’s financial well-being. Compensation planning will help you accurately calculate your compensation budget. From there, you can see if you’re overspending or underspending in certain areas.
If you have a small team, you can track salaries and compensation manually in an Excel sheet. However, many specialized compensation management tools will not only track your employees’ salaries, bonuses, and benefits, but will also be able to provide real-time data in an easy-to-use dashboard. 7. Monitor the execution of the planning and make adjustments
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After you’ve done all that hard work to have a fantastic compensation strategy, you’ll want to create a framework to support continuous monitoring and uncover opportunities for improvement. Be sure to get feedback from company stakeholders, such as managers, employees or even candidates, to see if you can offer a competitive full compensation package.
Compensation planning is a complex process that balances a company’s financial interests and operational goals while attracting, retaining, developing and rewarding employees. A strategic compensation plan also takes into account how you pay your employees, the company’s bonus structure, and when your employees are eligible for raises.
While it may seem like a lot of work for your HR team, in the long run it helps ensure that your organization creates a legal, fair and competitive system in your industry.
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Jayla Cosentino is a recruiting professional specializing in recruiting teams for startups and growing businesses. He focuses on 360 recruitment, as well as on building and optimizing the hiring processes of organizations. Passionate about all things recruitment and HR, Jayla has spoken at conferences hosted by companies such as Honeypot.io and ProductUp, as well as universities such as Utrecht University. In any case, it is important to know what the average salary of a social media manager is. you can negotiate better and get the figure you deserve in this competitive industry.
However, determining the exact number is not an easy process. There are several factors that determine these salaries, and understanding them is critical for both social media managers and organizations looking to hire social media managers.
In this blog post, we’ll explore how much a social media manager makes, industry averages, salary based on location, and tips for negotiating your salary.
Businesses are increasingly investing in their online presence, including social media. Therefore, hiring a social media manager has become more relevant than ever.
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Social media managers have an unparalleled influence on brand perception and consumer engagement. As their roles are important and sometimes complex, organizations are willing to offer competitive salaries across all verticals and levels.
According to Indeed.com, the average base salary is a
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