Compensation and Benefits
Compensation covers everything an employer offers an employee in return for their work. Although the term is commonly associated with money, employee compensation also includes nonmonetary benefits, such as health insurance and a pension plan.
The Performance Management System within Officenet HR Software covers Compensation as there is a feature for Increment Calculation and Budget calibration basis the CTC or salary package.
Compensation managers plan, develop, and oversee programs to determine how much an organization pays its employees and how employees are paid. Benefits managers plan, direct, and coordinate retirement plans, health insurance, and other benefits that an organization offers its employees. Some part of the module is also linked with the Payroll Management Software where the actual payout calculations within different heads gets managed.