The way you choose to compensate your employees has a large affect on performance. Now this doesn’t just mean if you pay them more, they will work harder.
If only it were that easy.
The entire compensation package including additional benefits such as healthcare, company vehicles, structure (salary, hourly, pay for performance, etc.) as well as other influential compensation related factors have a large affect on overall performance.
Performing proper research, benchmarking positions against industry standards, as well as preparing accurate job descriptions from the start can ensure a competitive and fair wage to your employees, which can have a dramatic increase on performance levels.
A properly designed compensation structure designed around solid industry research is a vital step to attract, retain and motivate employees.
If you have noticed that your employees are not living up to their potential, there is almost always something you can do to improve their motivation.
4 Things To Consider When Establishing a Salary Administration Program:
- Company’s vision & future plans
- Company’s philosophy on compensation & strategy
- The purpose of the program
- Competitive position within marketplace
How Integrity HR Can Help Your Business:
- Create Your Compensation Strategy
- Develop Your Salary Administration Program
- Prepare & Recommend Implementation Of The New Plan
- Establish policies and procedures
- Periodically review current jobs for competitiveness
- Prepare merit increase guidelines
- Review & address associated applicable laws impacting program
- Training to ensure consistent application & roles
- Communication needs