In Part 2 of our multi-part blog series, we talk about the compensation principles that are foundational to ensuring your pay strategies produce the results required.
Striking a balance with core compensation principles
For the majority of organizations, core compensation principles should strike a balance between paying in a way that is externally competitive and internally fair. Yet, there are many different interpretations of what is fair. For this reason, it is critical to achieve clarity and agreement among key stakeholders on how the company should pay its people. This will ultimately inform your rewards philosophy.
In this 5-part blog series, we’ll discuss how to build a compensation strategy for your company that balances company goals and industry shifts, supports business strategy, and ensures pay transparency.
Fair Pay for Employee Contributions
Oftentimes when managers discuss pay with their employees, they encounter questions for which they may not have an answer. Employees want to know they are receiving fair pay for their contributions, and may wonder...
We've found that business owners - especially those in middle market companies - are often surprised by how much it costs to replace an employee.
According to Zane Benefits, a CAP study found average costs to replace an employee are:
Compensation Planning Insights Part 1. The business environment is changing rapidly, and your company’s compensation strategy may not be keeping up.
Tags: performance based compensation, compensation, employee compensation, compensation plan, business objectives, skill-based pay, business, business strategy, compensation planning insights, align business strategy and compensation