Compensation & Benefits Restructuring

Attract – Inspire – Reward Superior Performance

With exactly these goals in mind, Team NamanHR combines your unique requirements with industry best practices to design a powerful Compensation & Benefits Structure for your business.

The terms Compensation and Benefits

(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 benefit’s category, making one a better financial proposition than the other.

Advantages of a Right Compensation & Benefits Strategy

“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:

  • attracting, hiring, retaining the right talent
  • increased employee motivation and loyalty
  • higher job satisfaction and increased productivity
  • fairness and trust in job evaluation processes

Is your Compensation and Benefit Strategy designed to help you retain your best performers?

The NamanHR Advantage

Over the years, our Compensation Specialists have helped organizations 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:

  • increasing your return on investment in compensation strategy
  • building a fair structure that rewards performance, potential, and business results
  • ensuring compliance to labour and Human Resource laws of the land

Amongst other aspects, our compensation and benefit strategy includes:

Benchmarking

Benchmarking is a highly standardized 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.

NamanHR’s access to the most robust salary survey related tools and technologies can help gauge your organization’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.

Restructuring

As market conditions change and organization goes through its evolution, we need to revisit its compensation strategy and scales. The restructuring exercise at NamanHR, is responsive to the market and your organizational 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.

Our Approach

  • Stage 1

    Plan and Design

    Engage with key decision-makers to gauge requirements, gaps, and goals

  • Stage 2

    Data Collection & Analysis

    Use data collection tools to secure necessary details, study best practises, review current structures, and identify gaps

  • Stage 3

    Design

    Design and develop a robust Comp. & Ben. structure across job positions to bridge identified gaps

  • Stage 4

    Report & Handhold

    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?

Client Success Stories

Make your Compensation and Benefits Strategy deliver on its goals.

Clients

General-Motors-16pf
ERDA-Culture-Change
Jindal-Rail
John-Deere
ucb
Bombardier-Transportation