Human Resources System

Human Resources Benefits

Types Of Human Resources Benefits

Human Resources Benefits

Human resource benefits or employee compensation is a hot topic amongst job seekers, university graduates and recruitment professionals who package up company compensation plans. Most pay structures are comprised of industry standard offerings. The following article examines some of the common benefits and features of company compensation plans.

Pay compensation: Comparative wage rates and industry benchmarking forms the basis for job evaluation. Whether the pay rate is based on an hourly rate or annual salary packages structure, candidates formulate an opinion based on what's on offer and presumed fair value. The structure of pay is in proportion to the skills, experience and educational requirements of the candidate.

Word Schedule: This includes time and hour requirements. Not all industries are 9 to 5. Some function around the clock and involve shift work. Mining companies and oil rigs also operate slightly differently. Fly in and fly out schedules are standard practices for companies in the resources industry and pay structures and benefits tend to reflect the abnormal requirements of the job.

Annual Leave: Companies usually have policies regarding annual leave. This includes entitlement and procedures for claiming time off. Sometimes this is based on legislation and can vary from country to country. In other cases this is set by a workplace agreement or internal company policy.

Sick leave: Depending on the employee's classification, the individual may be entitled to sick leave. Usually full time employees have some form of coverage. Casual employees or part time either have reduced leave entitlements or no entitlement at all. This can vary from industry to industry.

Study benefit: Companies that encourage education often have sponsorship or subsidization programs. This includes skill acquisition or leadership based programs. In corporate environments, some individuals may be subject to mentorship programs or management fast track programs. In aggressive organizations that promote human resources benefits, a person may receive additional compensation for acquired educational skills.

Health Insurance: Individual and family health and benefits packages are structured as part of an employees benefits scheme. This might be employer sponsored or subsidized according to individual requirements.

401K/Financial Planning/Superannuation: These contributions are sometimes scheduled by statutory law. In other instances, companies match individual contributions. In the US, individual 401K contributions are not subject to taxation and can be a valuable way to save money for retirement.

This is an introduction to human resources benefits. Most employee packages consist of terms and conditions that are constructed around these standard entitlements.

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