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What is a Good Compensation Package? How to Decode Salary, Benefits, & Perks

Zengig

While the role itself, company culture, and growth opportunities matter, compensation is, for many, the most important of all. So, what exactly is a good compensation package, and why should you care? Throughout this article, we will break down its components, including salary, benefits, and perks.

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Understanding the FARM Components of Compensation

Recruiting Daily Advisor

Have you heard of the acronym FARM as it relates to compensation? I first heard this term from a BLR ® webinar run by Paul Dorf, the Managing Director of Compensation Resources, Inc. The point here is that compensation can be used to incentivize employees to focus on specific things. The same can be done for benefit packages.

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The Evolving Role of AI in Benefits Administration

Recruiting Daily Advisor

This keeps HR teams on their toes, especially when it comes to benefits. Let’s explore three key opportunities where AI can improve benefits administration and identify potential risks associated with its implementation. AI-driven solutions are transforming how organizations engage with employees regarding benefits.

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Everything You’ve Heard About Compensation Is Wrong

Recruiting Daily

Salary, healthcare and retirement remain the three cornerstones that hold up any solid compensation package. Compensation Myths. But the not-so-fun myths, like those traditionally believed in the world of compensation, can be detrimental to the health of an organization. . Myths are everywhere.

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Focus on Finance When it Comes to Gen Z Benefits Packages

Recruiting Daily Advisor

The benefits package should be a vital part of an employer’s attraction and retention strategy. In fact, a recent survey indicated that Gen Z’s three most desired benefits are health insurance (32%), remote work (25%), and 401k/retirement benefits (25%). Talk About Benefits that Matter Most to Gen Z.

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AI Ethics Codes: Why You Shouldn’t Make Remote Work Compensation Decisions Without One

Visier - Talent Acquisition

Indeed, hybrid work is upending traditional compensation strategies, and employers need all the decision support they can get. It can also help align the decisions of individual people managers with a broader framework for compensation that is designed for equity and fairness. Consider the standardization of job titles as an example.

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The Ultimate List of 60+ Job Description Benefits

Ongig

Employee benefits are a crucial part of a job description and can significantly influence a candidate’s decision to apply. A Glassdoor study pointed out that 63% of job seekers and employees pay attention to employee benefits in job ads. In comparison, 84% reported that it enables them to recruit top talent.