How to fill Compensation plan in Accenture 2022

how to calculate your in hand salary by looking into your compensation breakup hope it helps to you all to know your salary before getting it in your hand, also I have shared knowledge on Local variable Bonus how you will get it in Accenture. I have shared everything in detail so please watch the full video from start to end to understand everything in detail.

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Log-in to the smartpay.allsec portal. Google it if you don’t have the link already.

Look in the tabs to find the section for compensation. Define your components. The usual flexible ones are:

Meal Allowance
Medical Allowance
LTA

You have two options revolving the same.

1.You may fill in a value for each of these (limits specified in the portal). This will reduce your in-hand pay for the month. But you’ll be able to claim it at one-go, and get tax benefits.

2. Simply place the value as 0. This adds the value of these components to the heading – Miscellaneous Allowance. If you follow this, you get the money every month, and your in-hand pay increases, but you get no tax relief

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How to create a compensation plan

Develop a compensation philosophy. …
Gather relevant data from multiple sources. …
Benchmarking external to internal positions. …
Create a job description for each position. …
Develop the pay structure. …
Establish the cost of the pay structure. …
Document the compensation plan.

How To Update Your Compensation Plan in 5 Steps

#1 Update Your Job Descriptions. …
#2 Obtain Industry And Market Survey Information. …
#3 Conduct Pay Benchmarking And Identify Gaps. …
#4 Update Your Plan and Policies. …
#5 Get Help If You Need It.

The most common benefits employers include within their total compensation package, and statement, include but are not limited to: Annual salary or hourly rate of pay. Medical and dental benefits coverage (including employer-paid portions) Healthcare flexible spending accounts or health savings accounts.

5 essential factors for determining compensation

Years of experience and education level. It probably goes without saying, but the more experience and education a candidate has, the higher their expected compensation. …
Industry. …
Location. …
In-demand skill sets. …
Supply and demand.

Key Takeaways. Annual compensation, in the simplest terms, is the combination of your base salary and the value of any financial benefits your employer provides. Annual salary is the amount of money your employer pays you over the course of a year in exchange for the work you perform.