Compensation Management
Payroll is a major piece of the company budget, therefore compensation management is a piece that should be carefully constructed.
When it comes to compensation, both employees, managers, and employers spend a lot of time asking themselves:
What should be the compensation methodology?
How do we get compensated?
Who decides what my fair worth is?
Do we have a salary program?
Did I settle for less salary than I could or should have gotten?
Is the manager giving more salary than the employee is really worth?
And many more.
btw, For more information on the relationship between salary and performance, take a look at the ratio between salary and performace.
A good compensation program is important for both sides of the isle. Company management develops a salary plan that will keep employees happy yet not bankrupt the company. Here is an excellent tool to help management design a compensation blueprint.
Developing a solid compensation plan is a challenge because at the end of the day, no one is really happy.
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For more information on compensation subject go to the following pages: