Pay & Benefits

PAY & BENEFITS OVERVIEW

A structured approach to Pay & Benefits helps you attract and keep good people. It involves:

• Making sure your jobs relate properly to one another internally
• Making sure that you are competitive, compensation wise, in your employment market
• Making sure your benefits are competitive and meet your employees' needs
• Customizing a compensation plan for your organization
• Communicating to your employees

We've provided all the forms and general directions you will need to build your company's compensation plan. This area can, however, get a little complicated and, if you need help, we are just click or a call away. We advocate using a Compensation Consultant ($4-6K spend) if you want a professional job done with proper internal and external pay information considered. However, there are also other less sophisticated ways of managing compensation in small companies and these are explored in the Guide below.

GUIDES

• Designing a Compensation Plan - Technical Overview

Quick links to Pay & Benefits FAQs

• What really is meant by the term "market rate"?
• How do I know if I am paying market rates?
• Why should I want to pay market rates?
• I am being presented with internet surveys from my employees that indicate they are underpaid. What do I do?
• How should I be valuing jobs internally in my company?
• What is a salary range? How do I develop ranges?
• What is meant by the term compa-ratio?
• How exactly should employee performance be linked to their pay?
• I am getting pay increase requests almost on a daily basis. How do I stop this?
• An employee presented me with an offer from another company which is much higher, and says she will stay if I match it. I don't like being put in this position. What should I do?
• I am hearing about paying a premium for hot skills - what is this?
• What is an average salary increase to give that is consistent with other companies?
• Can I implement a pay cut across the board in a bad year?
• I need to reduce my salary expenses. How can I do this without losing people?
• Who should manage the pay process and increases in a company?
• I need a compensation program for my company.
• I need external market comparisons.