Compensation And Benefits Planning

Attract. Engage. Develop. Reward.

“If you pick the right people and 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

Organizations use the power of their people to enhance their business success. So, they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation and Benefits Management.

Naman and its team of Compensation and Benefits Specialists offer services designed to ensure your organization’s compensation plans and structures are complete, competitive, current and optimized.

Understanding the Definition of Compensation & Benefits

Compensation and benefits are often used interchangeably but they are two different terms. The main difference between them lies in their monetary value. Compensation refers to pay, or the salary employer pays in exchange for the work performed by the employee. On the other hand, benefits refer to the non-monetary value that is given to employees as part of their packages in exchange for the work they perform.

Advantages of a Right Compensation & Benefits Strategy

A right compensation strategy brings out the best in the employees and offers various other benefits including:

Hiring and attracting the right talent
Employee motivation
Employee loyalty
Increased productivity
Job satisfaction
Employee retention
Enhanced job evaluation process

Naman’s Framework

Leveraging our team of Compensation and Benefits Experts, coupled with our market knowledge gained through the various clients we’ve supported, we provide your organization with the expertise needed to validate your compensation structure, develop new employee compensation plans, and to overall gauge your organization vs. the rest of the market.

Benchmarking

Benchmarking is recognized as the most reliable source of data for Compensation & Benefits related decisions. It is a highly standardized and validated technique for robust job matching framework, data collection and reporting. It provides complete data security, confidentiality and integrity aided by the state of the art technology ensured at all levels.

Naman’s access to the most robust salary survey related tools and technologies can help you gauge your organization’s compensation strategy against the rest of the market. The surveys are designed to help you estimate current market rates, analyze human resources practices, and determine what is right for your company.

Restructuring

Our programs are responsive to the market including the introduction of new positions, refining job descriptions, or reporting emerging trends in compensation and benefits practices. Further, we align the compensation & benefits design into your business strategy to help maximize growth potential.

Highlights

20+ Service Projects conducted, covering more than 100+ participating companies

Database of Fortune 500 companies

C&B Specialists on board to provide expertise on the subject

Access to industry specific best practices data

Our Approach

Naman assists your organization in creating an effective & sustainable Compensation & Benefits Strategy & Plan, designed to help your organization maintain a competitive edge in your market, as well as attract & retain talent & motivate your team.

Stage 1: Plan and Design
We meet your key decision-makers to discuss their requirements and concerns that have led to the compensation assessment.
Stage 2: Data Collection
Using data collection tools, we secure all the details and study the industry best practices to review the current compensation structure.
Stage 3: Analyze
We evaluate the data collected to develop a Compensation & Benefits structure for various job positions within the organization.
Stage 4: Report & Handhold
We develop a report that comprises our findings, feedback and recommendations, focused on providing you with solutions that meet your requirements.