5 ways to improve your compensation plan
1. Clarify Your Mission & Scope
Before you draw up your plan, make sure you are clear about the work that you’re going to do, and also on how you’re going to evaluate and compensate employees. If your idea of success is running low-margin business, so be it.
2. Define The Pay Rate For Every Job
Always define the pay rate for every job by taking into consideration all the aspects such as experience, the type of business, the target market etc. This will not only prevent the issue of blind applications, but will also help your staff know what the minimum wage is in the country, or elsewhere.
3. Determine The Future
This will not only help in determining future growth, but also by providing employees with an indication on how much their future income is going to be.
4. Have A Marketing Plan
Have a clear plan on how you intend to market your product or service through ads, events, SEO, PR, etc. This will not only keep your staff focused on the job at hand, but will also help in ensuring that you’re consistent in your messaging and strategy.
5. Give The Right Grace Period
According to many economists, giving a salary of between 50-100% is the ideal amount for the beginning of a salary range. This will allow you to monitor and evaluate your employee’s performance before upping the salary.
Overall, having a clear compensation plan is critical to the success of your business, but most importantly it is critical that you have an ongoing communication process with your employees.
Growth Best
Samarth Harsh
www.growthbest.com
8899788887
