To contribute to a healthy and effective working environment, compensation strategies must include fairness and equitability.
The most common point of lack of fairness is the amount paid for internal promotions versus outside new hires.
Great organizations provide “value statements” to their team members showing the total of all compensation and other contributions by the company.
Many healthy workplaces now provide assistance and training to team members to assist them in managing their personal finances.
Compare your compensation plans to your competitors and ensure that you are within a common range. You do not have to be the highest but should not be the lowest.
