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A great compensation strategy can be an incredible asset that supports your business goals and builds organizational trust. No matter where you're starting from, this guide will take you through 6 simple steps to level up your approach.
Document "why" you pay the way you do, with a checklist to test if your compensation philosophy passes the quality test.
Define the unique value and benefits that your company brings to the table, with real-world examples that go beyond compensation.
Leverage the other elements of total rewards, beyond base salary, to provide your employees with the right mix of incentives to drive business results.
Decide how you pay relative to other companies that are competing with you for talent: whether to meet, lead, or lag the market.
Determine whether you want to anchor pay to a particular city, region, or country, taking into account the difficulty of administrating each approach.
Find the level of pay transparency that delivers value to your business and improves morale, while complying with pay transparency legislation.
Gartner Research, 2022
Research shows that the vast majority of employees don't understand compensation, and consequently don't trust that they are being paid fairly.
By using these 6 key steps to guide your approach to compensation, you can build a compensation strategy that improves organizational trust, productivity, and morale.
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