HR & Compensating Employees
Career Topic – Compensation in the Workplace
It's often easy to think of compensating employees better by increasing pay alone, however, that’s not always the case. Not all employees enjoy the same things in life which presents the challenge to corporate executives on "How to Create the Most Comprehensive Compensation Package?"
When discussing compensation, structure is of the utmost importance. Topics such as: job evaluation, pay policies, pay grades and ranges, and studying market rates shape the design of compensation plans.
We won’t bore you with a drawn-out spill about compensation but would like to list a couple of ideas we'd discuss in a executive meeting of a startup company concerning compensation design.
How do we make our company the most attractive to work at through its comp plan?
Competitive compensation market
Offsetting lower pay-rates with better benefits
What’s the probability that such plan will retain a high rate of employee and reduce turnover? Which (turnover) affects the bottom line.Which (decreased turnover) is good for public relations.
These are just a few things we think about when the concept of compensation comes up. In closing, there are many companies that provide different systems for compensating their employees. It’s important to examine the pros and cons of each and determine how a personalized one can be constructed from current successful systems.