HR Tips - Compensation

  • Provide documentation for any changes in pay.
  • Increases to salaries could be based on a union agreement, performance review outcomes or a company's increase program. Ensure that the methodology used is properly communicated to staff and let them know when raises can be expected.
  • Develop variable compensation programs that focus your employees and motivate them for business success. These programs could either be long-term (annual bonus, shares), a "commission" based on sales results or a bonus paid on completion of projects.
  • Develop a compensation philosophy for your organization. How do you want to pay relative to market? What kind of compensation structures and systems do you need to remain competitive?
  • Compensation should rely on both internal and external factors. You need to consider the internal value of the position to the company as well as the relative salaries of those within your organization (Internal equity). External equity views the value of the position within the market place and could also impact the salary that needs to be offered.
  • Ensure all compensation information is kept confidential.

 

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