Compensation Programs

Compensation Programs

A compensation program must be linked to an organization's human resource philosophy and serve as a source of motivation. It must be easily understood and have a high level of credibility. In order to achieve the above-mentioned objectives in an effective and cost-efficient manner, the following four-phase approach is suggested: Phase One: Analyze the Company's compensation needs and prioritize initiatives by developing a formal Compensation Philosophy Statement. Obtain commitment from Top Management regarding compensation initiatives. Phase Two: Develop a "Best-Fit" compensation approach by conducting a competitive assessment. Phase Three: Implement a consistent, systematic salary program by developing a new salary structure, Salary Administration Program, and implementation plan. Phase Four: Develop and implement a "move-forward" strategy by using a timetable for design and implementation of compensation programs.   To find out more on how Compensation Resources, Inc. can help your company with Compensation Programs, please contact us or call us directly to speak with our compensation consultants at 877-934-0505.