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Happy New Year!   We have streamlined our monthly newsletter with a new look to help you get the information you need faster.  What do you think?  We'd love to hear your feedback.

In our first issue of 2012, we talk about Compensation Plans and how to communicate compensation to your employees.  Did you know that employees can be motivated by knowing there is a lot of room to grow in their industry or job position?  

So, having a transparent, explainable compensation plan can serve multiple purposes, from helping your staff understand where they fit into the organization and to helping employees with their career development planning - and even explaining your compensation system for M&A planning. 

If you have ever had to explain why different individuals were given differing starting pay for the same position, you understand the challenges surrounding this topic.  The article, 4 Tips on Communicating Your Compensation Plan to your Employees will help you walk through this tough task.

Please call me if we can be of assistance to your company in developing and communicating your 2012 compensation strategy. 

Best,

Amy Polefrone, President
HR Strategy Group, LLC
410-505-8723
 

4 Tips for Communicating Your 

Compensation Plan to Your Employees 

 

The reason compensation plans are so difficult to define is because there are so many factors that go into developing compensation.  The world of compensation has unique definitions, designs and functions.  Clearly communicating compensation plans to employees is worth the effort.  It can lead to harder-working, more loyal and satisfied employees.  "But it's complicated!" you say.  You're right.  But take heart - here are 4 tips that can help you explain your compensation to your employees:
  1. Pay Grades:  Explaining Basic Pay
  2. Compensation at the Start: Explaining the reasons for Differences in Starting Pay
  3. Identifying Wage Differentials:  What is the theory of Compensating wage differentials?
  4. Benefit Summaries: Explaning Total Rewards to an Employee

     Quick Links
 

 

               HR Strategy Group

 

               PayScale Compensation Partner

 
January 2012
  

   

newest hr logo 

 

In This Issue
4 Tips for Communicating Your Compensation Plan to your Employees
Compensation Bannr
Streamline Your
Compensation Plan
PayScale Insight Benefits
 

Introducing the only compensation market pricing and analysis solution that allows you to market price your positions, and employees, the way they really are. PayScale Insight makes the traditional market approach to compensation benchmarking, based on generic job descriptions, a thing of the past. Using PayScale Insight, you can streamline organization-wide benchmarking projects and quickly respond to off-cycle market pricing needs for retention or recruiting, all in a single tool.

 

Save time and money using PayScale Insight to quickly identify the precise market value of your workforce and the market competitiveness of your compensation strategies for the unique positions and individuals in your organization.

 
 
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Free 

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Report

($300 value)

Just call and schedule a complimentary one hour, no obligation appointment with HR Strategy Group to discuss compensation and to learn more about PayScale Insight and how this compensation system can help YOU and YOUR business!  We will prepare a FREE customized salary & compensation report customized to your company & position.
Offer Expires: February 29, 2012

©  HR Strategy Group, LLC, 2012.  All rights reserved.

 

Amy Polefrone, President

HR Strategy Group, LLC
410-505-8723