Compensation and benefits staff handle multiple responsibilities. Depending on the organization, they may set compensation grids; evaluate and update job descriptions; update salary bands for individual roles; and research market trends and make appropriate policy changes to remain competitive in the market.
There’s a bigger spotlight on this function because of inflation: This team must constantly evaluate and re-evaluate starting salaries for candidate offers, as well as existing salaries for current staff. Is the organization competitive in the geographical market and industry? Can staff live comfortably on their salaries with inflation and the rising cost of living? Are competitors pulling talent away with expanded or more innovative benefit offerings?