Compensation & Benefits (C&B).

Definition C&B

This branch within HR revolves around the set of primary and secondary benefits that an organization offers to its employees.

In it, compensation consists of the direct financial rewards employees receive for their work. This is of course the salary, but it also includes bonuses, allowances and other variable rewards. If a collective bargaining agreement applies, it often contains agreements about these types of primary employment conditions. These should therefore be taken into account.

Benefits refers to the fringe benefits agreed upon with employees that they receive on top of their salary and other financial rewards. These fringe benefits can cover many things, such as a pension plan, company car, training opportunities, hybrid working, travel reimbursement and health insurance.

What is the importance of compensation & benefits?

A good package of primary and secondary benefits helps organizations attract, motivate and retain talent. When employees receive the benefits they expect and/or need, it can increase their motivation and commitment to the organization. In addition, it can strengthen an organization’s competitive position in the labor market. A compensation & benefits specialist is responsible for putting together such a benefits package.

What exactly does a compensation & benefits specialist do?

In putting together the benefits package, a compensation & benefits specialist ensures that the benefits are market-based and competitive, as well as meeting legal requirements. In addition, the C&B specialist (also often referred to as a Rewards Specialist) is responsible for the annual review process, implementing salary increases and bonus payments, and communicating with employees about compensation & benefits policies.

Apply to work as a C&B specialist

Does this appeal to you and would you like to get started as a compensation & benefits specialist? You can! Check out our vacancies here.