When deciding what to pay employees, or an individual employee in a new position, it is necessary to take the time to do it right. Compensation goes beyond the payroll amount per hour, or per year that you give them. So many other factors need to be taken into consideration, and all of them effect the company as a whole. The bottom line, of course, comes to play here, and in human resources retention and compensation are a tricky road to navigate. Here are the factors you should be thinking about when designing a compensation system.
Anything beyond payroll, like incentives and year end bonuses, should be set up with firm standards and complete guidelines to minimize misunderstandings or unfounded rumors. ...
categorized as Motivation, Recognition, Salary/Benefits.