HR Top Tips Series – Compensation & Benefits
In our Top Tips series, we are talking to the experts in the specialised areas of HR and explore their insight as to how to be the “best in class” in their areas of expertise.
I caught up with a Senior Rewards Specialist in a major financial institution to gather information about her top tips to be successful in the area of Comp & Bens.
In Summary …
Advice to a graduate considering a career in rewards….Be clear on what the role involves as it is different to generalist HR roles. It’s important to get up to speed quickly on the technical aspects of the role. It is a career for those who are strong with analytics and numbers.
The importance of a rewards team within a company….. Compensation & Benefits within a company is used to attract and retain the best quality talent, but in addition, is essential for cost containment. It is a fine balance to pay people the right salaries for their role from a market competitiveness, equity and performance perspective, without overpaying and inflating salaries. It’s important to get the most out of the benefits that a company offers employees from a return on investment perspective.
Primary focus as a rewards specialist… My primary focus is partnering with the business to manage their on-going compensation challenges, either from a recruitment/attraction perspective or retention. In addition, managing and designing the on-going salary review process and links with performance management is a day to day part of the role.
Advice for a company to execute a successful comp and bens structure/strategy.. Companies need to have a tight correlation between the business and HR Strategy to underpin their reward policies and practices. If this doesn’t happen, return on the reward investment is not maximised and employees will not see the correlation between their roles and their reward.
It’s essential to have senior and line management buy in into the whole concept as this cannot be a “HR” only approach.
Personal top tips to be a successful comp and bens expert… It is really important to get a good grounding in the basics of reward, covering compensation & benefits and mobility. Data analysis and interpretation skills are really important for decision making. It is essential to have good market awareness/insight into the industry that your company is operating in. Communication skills, both written and oral, are the final piece of the puzzle which is essential for a successful Rewards structure throughout a company and to further ones career as a rewards professional.
At HR Search, Rewards/Comp & Bens is one of our niche HR areas where we source talent for our clients. It is a profession that is highly regarded and a critical element to a company’s overall performance.
If you have a background in Rewards and are looking for your next move or if you are looking to hire a Rewards specialist please do not hesitate to contact Tanya or I at HR Search.