Compensation and Benefits
This competency contains methods of improving various KPIs in relation to Compensation and Benefits in a Human Resources Department.
Total compensation cost
The total cost of compensation for all employees, including salaries, bonuses, benefits, and any other incentives or rewards.
Benefits participation rate
The percentage of eligible employees who participate in the company's benefits programs, such as health insurance, retirement plans, and employee assistance programs.
Turnover rate among high performers
The percentage of top-performing employees who leave the company over a given period. A high turnover rate among high performers could indicate that the company's compensation and benefits packages are not competitive enough.
Benefits cost as a percentage of payroll
The percentage of the company's total payroll that is spent on employee benefits. This can help the company determine whether its benefits packages are sustainable and cost-effective.
Employee satisfaction with compensation and benefits
The level of satisfaction that employees have with their compensation and benefits packages. This can be measured through surveys or other feedback mechanisms and can provide insight into the effectiveness of the company's compensation and benefits strategies.
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