Compensation Management
Manage the implementation, review and administration of compensation to employees
Type
Domain
Competency Area
Workforce Engagement
Levels
Process data for compensation management
Gather information required to perform compensation calculation
Input data into compensation systems to support processing and calculating activities
Process routine compensation and related administration reports
Disseminate endorsed documentation to relevant parties
Administer compensation to employees
Consolidate information required to perform compensation calculation
Calculate base salary, allowances and other components of compensation in accordance with organisational policies and procedures
Reconcile calculations with compensation allocations to ensure accuracy
Review compensation and related administration reports
Implement annual review cycles as per plan
Deliver reports in the requested formats
Engage authorised parties to obtain approval for payments
Activate payments in accordance with organisational policies and procedures
Update records to ensure accuracy and completion of compensation processing
Implement compensation management processes
Identify legal and regulatory requirements impacting compensation management activities
Align compensation management activities with legal and regulatory requirements
Engage stakeholders to obtain approval on compensation administration procedures
Liaise with organisational departments to obtain compensation information
Verify compensation calculations and documentation to audit anomalies
Resolve issues related to compensation policies and procedures
Formulate plans for annual reviews
Develop processes and systems for gathering data and feedback on the effectiveness of compensation programmes
Review current compensation management trends and practices
Recommend improvements to compensation management processes
Develop compensation programmes and processes
Review emerging compensation management trends and processes to understand the current job market
Develop compensation structures which reflect organisation and labour market conditions
Develop processes and procedures which support the compensation structures
Engage key stakeholders to gain commitment and approval on compensation processes and procedures
Align compensation programmes and practices with organisational budgets
Analyse measurement data and feedback to identify potential improvements
Refine compensation programmes, policies and processes