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“Compensation philosophy” is a term we hear regularly in our field. Yet, while most organizations already have philosophies in place, they often lack the information employees need to understand how their pay is calculated. Oftentimes, companies rely on clichés and loose phrasing that doesn’t specifically explain why pay decisions are made. But this is precisely what your employees want to know – and failing to give them that information can lead to misunderstandings and a missed opportunity to communicate the value of employment in your organization.
If your philosophy uses phrases like, “Our compensation programs are designed to attract, retain, and motivate our teams,” it may be time to rethink it. Find out how you can develop an effective philosophy that defines the important factors behind pay decisions – not just where you pay relative to the market. In this presentation, you’ll discover:
- How to develop a pay philosophy that reflects reality
- Ways to communicate and leverage incentives
- How to make better decisions for outlier cases
- How your philosophy can be used to modulate desired behaviors