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An effective compensation management policy encompasses the entire philosophy of what your business values while striving to hit short and long-term goals. A robust compensation management plan is complete when it has a philosophy, strategy, guidelines for pay, policies, and processes.
Compensation planning is the development of a compensation strategy that supports a companys business strategy, operating objectives, and employee needs. Compensation planning also incorporates how employees are paid, how and when theyre eligible for raises and bonuses, and more.
Extra compensation means individual salary adjustments, which are granted primarily in anticipation of a members retirement; or as additional remuneration (pay) for performing temporary duties beyond the regular work day or work year.
Compensation may also be used as a reward for exceptional job performance. Examples of such plans include: bonuses, commissions, stock, profit sharing, gain sharing.
Tips for creating the best compensation strategy Be as specific as possible. Conduct accurate research and stay up to date with market trends and fluctuations. Make sure you are realistic about the rewards and incentives you offer. Focus on clear and transparent communication.

People also ask

A compensation plan is a payment package designed to attract and retain employees. A basic compensation package consists solely of a salary or wages. A more comprehensive compensation could include additional benefits such as bonuses, perks, commission, health insurance, or retirement investments.
Here are the key steps in creating a compensation plan: Develop a compensation philosophy. Gather relevant data from multiple sources. Benchmarking external to internal positions. Create a job description for each position. Develop the pay structure. Establish the cost of the pay structure. Document the compensation plan.
The Four Major Types of Direct Compensation: Hourly, Salary, Commission, Bonuses. When asking about compensation, most people want to know about direct compensation, particularly base pay and variable pay. The four major types of direct compensation are hourly wages, salary, commission and bonuses.
Employers generally determine salaries based on five (5) types of information: the jobs responsibilities, what their competitors are paying, how valuable the job is to their organization, how they pay people in similar roles based on their pay structure, and their budget/organizational needs.
Additional pay is whatever compensation you give to an employee that is above or beyond their base hourly rate or salary. Examples of additional pay include wellness bonuses, overtime, payout of accrued time off and back pay.

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