Compensation & Benefits
Compensation and benefits are known to be an important driver of engagement and retention of talent in organizations. However, due to continued developments in legislation and software development, the area is very complex and requires specialized knowledge. The issue of "pay for performance" is also an area that many organizations work on continuously to ensure the right incentive programs to retain talent.
Compensations and benefits are about designing and implementing strategies that ensure that workers are rewarded in accordance with the organizational context and culture in relation to the external market environment. It requires specific knowledge within a number of specialist areas to be able to create and implement reward packages, e.g. executive reward, international reward and pay and benefit modelling. It is central to understand the connection between reward and performance, both on an individual and organizational level.
The theme is for everyone but is particularly adapted to Compensation and Benefit experts. In addition, the theme caters to HR Operations experts as well as Heads of HR with responsibility for salary negotiations.
Central questions
- How do we create the best Compensation and Benefits packages to retain talent?
- How do we ensure 'pay for performance'?
Central content
- Fixed vs variable pay
- Executive Remuneration
- People software solutions
- Incentive programs
- Benefits
- People policies and regulations
- Pay for Performance
Central activities
Within this theme, we have recently dealt with:
- Bonus and other performance pay: A great many companies have introduced one or more bonus systems with a view to increasing the overall performance of the individual employee, as well as the entire company. however, a bonus system is not without complications and thus requires a great deal of maintenance and follow-up. A number of cases show us that there is probably a lot of uncertainty in the area to the detriment of both employees and companies.
- Flexible forms of employment: Companies' increased interest in a flexible workforce naturally calls for a number of flexible forms of employment. On the day, we got an insight into a number of the challenges and opportunities that the flexible forms of employment bring with them. The use of independent consultants vs. employees, temporary workers, temporary employment, flexible tasks and flexible working hours.
Are you interested in even more exciting content? Read more about all NOCA's 9 themes here.