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Having a Compensation Plan in place in your company is helpful for attracting and retaining good employees. Employee morale is also generally higher when they feel they are being paid properly.
The expertise required to design a comprehensive compensation plan is generally not available to smaller companies in house. There are, however, a number of innovative, less formal indicators that some companies use to gauge whether their pay structures are appropriate for them, for example:
Having a Compensation Plan in place in your company is helpful for attracting and retaining good employees. Employee morale is also generally higher when they feel they are being paid properly.
The expertise required to design a comprehensive compensation plan is generally not available to smaller companies in house. There are, however, a number of innovative, less formal indicators that some companies use to gauge whether their pay structures are appropriate for them, for example: