With exactly these goals in mind, Team Naman combines your unique requirements with industry best practices to design a powerful Compensation & Benefits Structure for your business.
(commonly referred to as Comp and Ben) are often used interchangeably but they mean two different things. Compensation refers to the salary or wages an employer pays in exchange for work while Benefits refer to the non-monetary perks like insurance, food vouchers etc. Two jobs that offer identical salaries may vary hugely in the benefits category, making one a better financial proposition than the other.
“If you pick the right people, give them the opportunity to spread their wings, and put compensation as a carrier behind it – you almost don’t have to manage them.”
– Jack Welch
If done right, your Compensation and Benefit Strategy can help bring out the best in your people and offer benefits including:
Is your Compensation and Benefit Strategy designed to help you retain your best performers?
Over the years, our Compensation Specialists have helped organisations in building a new Compensation and Benefit structure from scratch as well as in restructuring an existing one.
Our expertise spans from analysis, diagnosis, design, and communication required for effective execution of compensation restructuring initiatives. The goals that define the direction of our work include:
Amongst other aspects, our compensation and benefit strategy includes:
Benchmarking is a highly standardised and validated technique for robust job matching framework, data collection, and reporting. This approach revolves around market salary research, usually according to geography and industry with a goal to make your remuneration philosophy competitive.
Naman’s access to the most robust salary survey related tools and technologies can help gauge your organisation’s compensation strategy against the rest of the market. The surveys are designed to help you estimate current market rates, analyse effectiveness, and determine what is right for you.
As market conditions change and organisation goes through its evolution, we need to revisit its compensation strategy and scales. The restructuring exercise at Naman, is responsive to the market and your organisational realities including introduction of new positions, refining job descriptions, or incorporating relevant emerging trends in compensation and benefits practises. Each of these steps is executed in strict alignment to your business strategy.
Engage with key decision-makers to gauge requirements, gaps, and goals
Use data collection tools to secure necessary details, study best practises, review current structures, and identify gaps
Design and develop a robust Comp & Ben structure across job positions to bridge identified gaps
Report out findings, recommendations, implement iterations. Once approved, work hand-in-hand with stakeholders to implement the new structure
Your Comp and Ben strategy is an integral driver of motivation and productivity amongst employees and executives.
Is your current structure helping this process or impeding it?
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