Compensation and Benefits

In my work for my company's human resources department, I am in charge of the final phase of our recruitment program to fill our staffing needs. I make job offers to candidates who successfully pass the final interview with our CEO and explain to them what kind of compensation package comes with the position they are going to fill.

I also explain what benefits the company is required by law to give, and what other forms of compensation we include. The standard salary is well above the base rate for the industry as we believe in attracting only the best and most qualified candidates. For this same reason, we also offer a sign-on bonus to new hires when they come on board.

We offer two weeks of paid sick leave and three weeks of paid vacations , which if unused, can be convertible to cash upon reaching their year anniversary with the company. This amount is exempt from taxation up to the amount of 200% of their base rate . If the company enjoys a good year, we also award a year-end bonus equivalent to a month's salary to all employees regardless of tenure .  When they become permanent employees at the end of the 6-month probationary period , our people may also be offered stock options for the next 3 years they remain with us.

I also make it a point to stress to new hires that the company rewards hard work with an annual pay raise based on individual performance. I also assure them of a very well-defined pay scale for their entire career with us, which would be more formally discussed during their first day with the firm.

Vocabulary :

  • A 'base rate' is an employee's basic salary.
  • 'Benefits' are non-wage compensation for employees, which can include paid leaves, supplementary pay, insurance, and legally required benefits like social security insurance.
  • A 'compensation package' is the salary and benefits offered to a candidate for a position.
  • A 'pay raise' is a salary increase.
  • A 'pay scale' is a salary scale, or the projected salaries for different levels in an employee's career path.
  • A 'salary' is the wage an employee receives for the work done for the company.
  • 'Sick leave' is a day off due to illness.
  • A 'sign-on bonus' a one-time amount of money (anywhere between 20-200% of the base salary) given to a new employee upon signing a contract of employment with a company.
  • 'Stock options' are a privilege to purchase shares in the company at market price or at a lower cost for a certain number of years given to employees.
  • A 'vacation' is a holiday or a period of time away from work devoted to rest and relaxation.
  • A 'year-end bonus' is an amount given to employees at the end of a very profitable fiscal year.

 

Related expressions :

  • A 'job offer' is an   employment proposition given to a candidate by a company.
  • 'Tenure' is the condition of having been made a permanent employee.
  • A 'permanent employee' is someone who has successfully passed the probationary period.
  • The 'probationary period' is usually a 90 to 180 -day period in which a newly hired employee must demonstrate the desired competencies and fitness for the position being filled.