Employee Compensation mainly describes the cash rewards paid to employees in exchange for the services they provide. It may include base salary, wages, incentives, and/or commission. Total compensation includes cash rewards as well as any other best company benefits. It should be structured in affordable, reasonable and competitive manner.
Depending on the size of an organization employee compensation differs. Enhancing organizational commitment among the employees is an essential element because that will eventually result in higher employee commitment, enhancing retention and they will perform better.
By identifying the impact of employee compensation in any company will help to foster organizational commitment and enhance satisfaction levels among the employees. SumoPayroll’s enhanced employee compensation aims to provide a well-developed feature that comes up with flexible practices.
Usually, a start-up organization that is strapped for revenue should consider a strategy of offering benefits to enhance compensation and attract and retain employees by giving them benefits that represent a form of compensation in addition to an employee’s remuneration.
Sumopayroll provides a compensation strategy which is structured to best meet any organization’s criteria either start-up, medium or large-scale businesses.
- Different payment methods like Cash, Bank Deposit.
- Update compensation agreed upon and its structure.
- Flexible adjustments in basic and gross salary
- Managing the Allowances like HRA, Conveyance Allowance, and Special Allowance, etc.
- Update in deductions like Provident Fund(PF), Employees State Insurance(ESI)
- Tracking the history and revising the employee compensation reports.