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.
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