Employee Remuneration Planning in Nottingham

What is Remuneration?

Remuneration is the total compensation received by an employee. It includes not only base salary but any bonuses, commission payments, overtime pay, or other financial benefits that an employee receives from an employer.

A job perk may or may not be a component of employee remuneration. An on-site gym or a generous vacation plan are perks but they aren’t money in an employee’s pocket. Remuneration may include direct payment of money or taxable fringe benefits such as personal use of a company car.

What is Employee Remuneration Planning?

In the job market today, job seekers are looking for jobs that offer a remuneration package that offers them more than just a competitive salary. Benefits and perks are something that attracts talent to a workplace. Employee remuneration planning can help create the right incentive for new blood to come to the workplace and push the company forward.

What makes a good employee remuneration plan?

• Offering employees a share in the business thus creating a vested interest in the company’s success for them.
• Giving them flexible working arrangements that may extend to work from home options depending on the position offered.
• Providing them with enough room to balance their work and their life and be successful at both.
• A well planned and tax-effective employee remuneration plan can increase the value that you offer employees and help the business by maintaining costs within their budget.

What Is A Remuneration Package?

A remuneration package is the collection of benefits offered to an employee by their employer and can be seen as the complete offering by an employer. It includes an employee’s wage or salary, but more appealing packages will also offer other benefits such as:

• bonuses
• enhanced pension schemes
• enhanced annual leave entitlement
• health and wellbeing programmes
• flexible working
• company cars
• and they can even include reward programmes, e.g. employee of the month.

A comprehensive, well thought out employee remuneration package should align with the Company’s mission and values. Today employees and potential candidates are looking to work for Companies with purpose, who demonstrate corporate social responsibility and treat its employees in a way that aligns with its culture and values. When candidates are comparing an offer between two different businesses, the remuneration and benefits package can provide a strong sense of the corporate culture.