Human Resource Management > Compensation
Compensation
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Research reveals a strong correlation between employee commitment to the organization and a positive view of pay and benefits. The tie between commitment and pay is strong, but even where employees perceive pay is below the market, they believe good benefits make up the difference.
What strategies does your organization use to strengthen employee commitment and rewards?
Do you use your pay and benefits program to attract and keep good employees?
Draw on internal expertise and experience to build and strengthen shared knowledge of what makes your organization a desirable place to work.
A solid compensation program examines internal and external equity and articulates organization policies and procedures in a clear fashion. Total compensation includes base pay, additional pay rewards based on individual contributions and benefits to include time off as well as insurance coverage.
The four cornerstones of a solid compensation program include internal equity (internal evaluation of jobs), external equity (evaluation based on market data), general economic determinates and individual employee contributions.
A good program will increase confidence in pay decisions, encourage consistency and perceptions of fairness, and promote compliance with employment regulations, through reliance on methods and procedures which can be replicated year to year, justified through data, and communicated in a clear fashion.
Take your compensation program out of the black box, and let it work for you to build employee commitment.