6 Steps to a Better Compensation Strategy
Compensation is one of your biggest expenses as a business, but it is also your biggest investment in your people and your culture. A great compensation strategy can be an incredible asset that supports your business goals and lays a foundation of trust between your company and your employees.
Whether you already have a compensation strategy in place or you’re building one from scratch, this guide will help you level up your approach through these 6 steps:
1. Document your compensation philosophy
2. Define your employee value proposition
3. Build your total rewards package
4. Determine your market position
5. Consider location-based pay
6. Set your level of pay transparency
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