Compensation Strategies .pptx - COMPENSATION STRATEGIES...

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COMPENSATION STRATEGIES, BEST PRACTICES, AND CHALLENGES By Marissa Wheeler Compensation Management Dr. Margie Hardwick Feb 1, 2021
WHAT IS COMPENSATION? When an employee performs work duties for a company, they are compensated for the job duties they carry out. Compensation can be given through monetary or non-monetary pay (1). Organizations use some form of analysis to set compensation for their employees (1). This Photo by Unknown Author is licensed under CC BY-SA-NC This Photo by Unknown Author is licensed under CC BY-ND
COMPENSATION STRATEGIES TO RETAIN TALENT Employees want to be able to live a sustainable life and want to be satisfied with their job. HR personnel should determine what competitors are paying. Maintaining a competitive position can gain the interest of individuals as well as retain them upon hiring (2). This Photo by Unknown Author is licensed under CC BY-SA
This Photo by Unknown Author is licensed under CC BY-ND COMPENSATION STRATEGIES TO RETAIN TALENT (CONTINUED) Recognizing employees for their work efforts and awarding them properly Employees will then be motivated to continue providing great results. Providing incentives and other tailored benefits may also help to retain employees Employee Stock Option Plans, Vacation time, Profit sharing plans, etc… (2). This Photo by Unknown Author is licensed under CC BY-SA-NC
COMPENSATION PRACTICES

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