To stay alive and ahead of the rest in today’s business world makes it very difficult to acquire and retain top talent. Hence, it is imperative to have a robust and competitive Compensation and Benefits (C&B) strategy, in order to be successful and competitive.
A good compensation strategy is what differentiates an organization in the job market and builds attractiveness for the top talent. Why wouldn’t they want to be hired by the best in the business, in terms of C&B packages, instead of average companies that offer the same things that any other organization in the industry would? The onus is on C&B professionals to work that much more harder in order to get the best talent in the industry, for their organization.
Let us look at some of the books that C&B professionals should read, to help them perform their jobs better.
Strategic Compensation: A Human Resource Management approach - Joseph J. Martocchio
A Human Resource Management Approach demonstrates the art and science of compensation practice and its role in a company's competitive advantage. Through focused activities and supporting course material, readers build a solid foundation to become proficient compensation professionals.
This book focuses on the context of compensation practice, the criteria used to compensate employees, compensation system design issues, employee benefits, the challenges of compensating key strategic employee groups and pay and benefits around the world, thus preparing readers to assume the roles of successful compensation professionals.
Compensation – George T. Milkovich
This is the market-leading text in this course area. It offers instructors current research material, in-depth discussion of topics, integration of Internet coverage, a modern design, excellent pedagogy and a truly engaging writing style.
The book examines the strategic choices in managing total compensation. The total compensation model introduced in chapter one serves as an integrating framework throughout the book. The authors discuss compensation issues in the context of current theory, research and real-business practices.
Compensation Management in a knowledge-based world – Richard I. Henderson
This book offers a practical exploration of the systems, methods and procedures involved in establishing and administering a compensation system within any organization.
Some of the topics covered are Macroeconomics Compensation Concepts, Compensation and No compensation, Organizational Structure : Strategic and Tactical Compensation Issues, Legislation and Compensation, Job Analysis, Description and Evaluation, Job Evaluation : Two Point-Factor Methods and much more.
The Compensation Handbook, Sixth Edition : A State-Of-The-Art Guide to Compensation Strategy and Design – Lance A. Berger
The most relied-on guide in the industry--now with strategic insight for using compensation strategies and practices to create a competitive business advantage. The Compensation Handbook has been a mainstay on the desks of human resources and compensation professionals for more than forty years--and now this revised Sixth Edition continues the tradition with new material and focus on developing a sustainable advantage. This edition will enable compensation and human resource practitioners to provide a road map for creating a fully defined compensation strategy for any organization and much more.
Compensation and benefits are two of the best tools for companies to recruit and retain quality employees. Enticing benefits and compensation also help existing employees stay motivated to excel at work.