No matter what area of human resources you work in, a general foundation and understanding of compensation is important to have as compensation supports and links to many other programs and functions in HR.
It is no secret that well-structured compensation plays an important role in attracting, retaining, and motivating top talent.
This training session will help you gain a complete understanding of the basics of compensation, including:
Top FAQs
While many payroll-related regulations are federally-governed, there also are many state requirements, including those for handling garnishment, final paychecks, and unclaimed paychecks. Each state's requirements differ in the details, so be sure to check your state's requirements by clicking the applicable link(s) at the bottom of this page.
ERISA does not require any employer to establish a retirement plan. It only requires that those who establish plans must meet certain minimum standards.
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Payroll is much more than just handing out paychecks, and includes a variety of responsibilities such as handling garnishments, travel pay, multi-state taxation, unclaimed paychecks, and much more in a timely and accurate fashion.
Some of the work involved in developing a Compensation Plan includes analyzing and evaluating jobs, performing market surveys, writing job descriptions, and communicating and evaluating your plan.
A Compensation Plan consists of the salary, wages, commissions, benefits, and perqs paid to attract and retain employees.
In addition to ensuring that employees are paid correctly and on time, "Payroll" has numerous time and reporting requirements. The primary payroll areas include paychecks, reporting, operations, and management.
Compensation planning is the process of defining and implementing the strategies that will be used to attract, motivate, and retain talent to help an organization meet its operating objectives and employee needs.
Payroll Administrators must be able to:
- Properly "classify" workers
- Apply the various exemptions
- Calculate gross pay and properly make deductions
- Correctly identify, pay, and withhold taxes for employees
- Administer deferred compensation, cafeteria plan, sick pay, and other compensation
- Handle stock options, expense reimbursements, relocation, and other "expenses"
- Follow the proper policies, procedures, and documentation requirements for garnishments and levies
- Properly complete and file all required reporting requirements
- Correctly complete year-end requirements and establish year-beginning requirements
- Implement and maintain fraud, audit, disaster recovery, and record retention processes and procedures
Yes. Certain types of Compensation Plans do require a written plan document, plus have certain notice and reporting requirements.
