Compensation Management
Compensation planning is more than market matching, equity analysis and the company’s ability to pay. Compensation plans should help the company staff positions based on the position requirements. How you reward employees and the message communicated ties the entire process together.
The Company’s Strategic Plan ⇒ Requirements for Success ⇒ People Requirements
We are in a challenging economic environment. How do you continue to motivate employees while containing the compensation costs? Let us help you smooth out the knots and build a compensation plan that can weather the economic storm.
Performance Management System
Changing the focus of the annual review process can preempt employee dissatisfaction based only on raises or lack thereof. The review process should provide feedback on last year’s accomplishments and prepare the employee for the next year. Key things to keep in mind when evaluating an employee are:
- Situation: What was the workload? Were there new challenges that had to be addressed in addition to the normal expectations?
- Development: Most development occurs on the job. Did the employee utilize opportunities to develop their skill set and enhance their performance?
- Future Development: What does the person need to do next year to grow personally and professionally?
This chart is a useful tool to use when you are evaluating an employee.
Job Levels
Correctly identifying job levels is a win-win practice for everyone (managers, HR compensation staff, generalists, and recruiters). You don’t want to hire a Manager Level 3, when the position only requires a Manager Level 1. Selection errors are extremely costly to the company and to the new hire. A job-leveling chart can help management accurately access position requirements. Please email info@hrserviceteam.com for a sample leveling chart.
