Pay and Rewards HR Fast Pack
One of the most critical aspects of managing your business is how you compensate your employees. By implementing a process that is consistent, fair and transparent you will minimize confusion and have an efficient and effective way of compensating your team.
Compensation goes beyond just an hourly rate or annual salary. Here are some factors you may want to consider when establishing your compensation programs:
- What benefit plans do you offer, if any?
- Do you offer paid time off, such as vacation, sick or personal days?
- Do you pay for employee training, certifications or career development activities?
- What rewards, other than regular pay, do you offer, such as bonuses, discounts or awards?
These factors add value to the overall compensation package and should be considered when you are setting pay for each job.