C&B is like a "magnet" to attract and retain talent that businesses focus on. So What is C&B?? The 3 most important skill contribute to encouraging the morale and work efficiency of employees.
1. What is C&B?
C&B means Compensation and Benefit (salary and benefits), which is the industry responsible for Employee salary management, bonuses, and welfare regimes of employees in the enterprise.
The task of C&B is to value the work into actual value, then convert it into salary and other benefits. In simpler terms, C&B converts employees' labor into remuneration and benefits.
C&B plays an important role in helping businesses attract potential candidates and retain talent. In addition, the implementation of appropriate salary, bonus, and welfare regimes contributes to encouraging the morale and work efficiency of employees.
What is C&B?
2. What should C&B specialists do?
To get an overview of the C&B department, we first need to find out what a C&B specialist is.?A C&B specialist is a person who works directly in the field of salary and benefits in the enterprise. Specifically, C&B specialists need to undertake the following tasks:
- Manage payroll-related activities, including payroll administration, payroll.
- Identify welfare policy and rewards and discipline based on employee performance monitoring and evaluation.
- Handling labor-related issues, including severance settlement for employees, and advising and supporting employees on salary and other benefits.
- Organize, store, organize, and carefully preserve labor contracts, employee records,s and other documents related to salary and bonus.
- Continuously monitor and update data on social insurance, health insurance, unemployment insurancee, and legal documents for timely correction.
- Make a list of the company's employees, track personnel,l and write invoices to pay personal income tax.
- Work with the bank and make a list of ATM cards for employees.
- Consulting, supporting, and proposing to develop policies on salary and benefits.
- Survey the satisfaction of candidates to assess their level of suitability with the corporate culture.
What should a C&B specialist do?A C&B specialist's timely completion of work can affect the operation of the business and the interests of many employees. Therefore, C&B professionals need to know the following KPIs:
- Rate of ATM card usage.
- Percentage of employees paying social insurance, health insurance and unemployment insurance.
- Cultural qualifications of all employees.
- Overtime pay rate for employees.
- The employee's task completion rate measures labor productivity and work efficiency. The ratio of rules and regulations of the company.
- The ratio of rules and regulations of the company.
- Other KPIs can be added such as the Rate of attracting new employees, and the rate of employees leaving due to salary and benefit policies,...
>>>> Read About: Remuneration for employees retain talent
3. What are the 3 most important skills in the C&B profession?
To become a good C&B specialist, in addition to professional knowledge, you must also equip with the following 3 important skills:
Office computer skills: In the field of C&B, office computer skills are extremely important for effective information management, data calculation, and spreadsheet processing. Therefore, proficient use of office software Excel, Word, and PowerPoint is a basic and mandatory requirement.
Communication and negotiation skills: Communication skills are one of the important soft skills to build good relationships with employees. Therefore, C&B specialists need to have listening and persuasion skills to perform their work more smoothly.
In addition, negotiation is also an important skill for C&B professionals to maintain a harmonious relationship between the company and its employees. Through negotiation, you can both protect the interests of employees under the pressure of the company, while ensuring and balancing the budget.
Analytical skills and data use: To perform their jobs effectively, C&B specialists need to be equipped with the ability to collect, analyze and forecast indicators related to wages and benefits. The data analysis helps them to come up with accurate and suitable strategies for employees.
Some other skills:
- Foreign language skills: Using foreign languages fluently will help C&B specialists have many opportunities for career advancement and development.
- Consulting and problem-solving skills: to assist employees and leaders in resolving issues related to compensation, benefits and other C&B policies.
- Teamwork skills: to work with other departments in the company, ensuring alignment between policies and management processes.
What are the 3 most important skills in the C&B profession?>>>> Learn More: What is CHRO? Position and role of CHRO in the business
4. Career progression of C&B specialists
To develop a career in the C&B industry, building a promotion path is extremely important. This helps employees have an overview and shape their future career plans. The path to advancement in the C&B industry can vary from company to company and company size. However, in general, the progression path in the C&B industry can be described as follows:
C&B employee (3-5 years) => C&B specialist (3-5 years) => C&B team leader (over 5 years) => C&B director.
Career progression in the C&B industry usually has 4 steps.
More specifically about the ranks:
C&B Staff (C&B Assistant): Be a beginner or have little experience in the field of C&B. The main job is to support work related to salary, benefits and human resources policies. Education usually requires intermediate or higher.
C&B Specialist (C&B Specialist): An employee with experience and in-depth knowledge in the field of C&B. The main task is to provide compensation policies and solutions, optimize employee benefits and manage employee incentive programs. Education usually requires a university or higher.
C&B Manager (C&B Manager): As a person with long experience in the C&B industry, capable of managing and operating the company's compensation and benefits projects. The main task is to manage the C&B team, provide policies and solutions and ensure reasonableness. Education usually requires a university degree or higher and at least 3-5 years of management experience.
C&B Director (C&B Director): As the head of the C&B department, providing compensation and benefits strategies for the whole company. The main job is to manage and operate all activities of the C&B department. High level of education, at least university graduate or equivalent training program. In addition, this position requires a minimum of 10 years of experience in the C&B industry or related fields.
Through the information that Viindoo shares, I hope readers understand what is C&B as well as the mission and promotion roadmap of the C&B industry. If you are passionate about the most "powerful" profession in the office administration block, please equip yourself well, constantly practice and devote yourself to conquering the desired position!
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