Modernizing Your Strategy in 2019
Many companies are under pressure to increase pay at their lowest compensation levels. Amazon recently increased their minimum wage to $15 per hour for its US employees, and activists and politicians are encouraging other companies to follow suit. But how can smaller companies compete without sacrificing profitability? The answer lies in the balance between managing pay and enhancing the employee value proposition. Pay ranges of the past must be modernized, but selecting the right type of range is more critical to managing costs and maintaining competitiveness than ever before. Which pay range strategy is best for your company?
In this exclusive guide, Sam Reeve, President of CompTeam, will discuss pay management approaches that fit your company’s culture and business strategy. You’ll learn effective pay range practices that will keep you ahead of the competition while winning with your employees. Don’t go another year with ineffective pay programs; modernize your practices now and make a successful shift that will take your company’s pay strategy to an entirely new level, including:
- How to identify the right pay strategy for your company and select the appropriate pay structure to drive results
- Approaches for making changes that are meaningful to employees while improving marketplace competitiveness
- Ways to target pay more effectively so your company can allocate funds to groups of higher need
- Training and communication tips to promote employee goodwill and improve pay management