Your compensation philosophy affects the success of your entire business.
Your compensation plan isn’t just what you pay your employees or how much you cover in health insurance. It’s the entire philosophy of what your business values while striving to hit short and long-term goals.
The typical compensation plan is complete when it has a philosophy, strategy, guidelines for pay, policies, and processes. The plan should also be able to answer these questions:
■ What do we value and how do we want to reward those values?
■ What pay choices will help us keep, motivate, develop, and attract top talent?
■ Do we want to focus on pay for the jobs that are mission-critical? How?
■ Does this philosophy change for part-time employees or contractors?
In this whitepaper, we will review the ways in which your compensation strategy affects the business, the different options for compensating your employees and steps on how you create a winning compensation plan.
Read whitepaper to learn more about how compensation affects the entire business: