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Benefits Policies & Practices
Compensation benchmarking has become a regular activity for reward professionals, and we are now seeing greater focus on benchmarking the ‘full package’.
In our survey database we gather information on the full range of benefits and employee terms and conditions. We are able to provide insight on current policies and practices and through our total reward methodology, ascribe a value to principle benefits as well as cash compensation on a job-by-job basis.
Employment terms and conditions can be an emotive subject, not just for an individual employee, but also for groups of employees and the organisation as a whole. There is no standard off-the-shelf package of terms and conditions. Each organisation is unique and will require tailored terms and conditions to meet its needs.
Watson Wyatt has the expertise and experience to review and analyse terms and conditions, as well as provide up to date information and intelligence on current market practices.
In a review on analysis of terms and condition we would:
- Identify strengths and weaknesses in the current arrangements.
- Benchmark against current market practices.
- Identify opportunities for revising employee terms and conditions.
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