29 Sep 5 Tips for Implementing & Communicating Your Compensation Plan
Designing a compensation program aligned with their business needs and talent management strategy is one of the most powerful methods employers can use to attract and retain talent. Yet, even the best-developed plans are only effective when implemented and communicated effectively. Failure to follow through with a compensation plan could negate all of the hard work you’ve put into researching and planning to craft the best program for your organization.
When you’ve reached a point where you have a strong compensation program designed to successfully attract, engage, and retain a quality workforce, you must then administer it successfully by following the key steps listed below:
- Keep Leadership Informed
Implement compensation and benefits-related program design information, including guidelines and training, to get your leadership teams on board with strategic pay decisions.
- Gather & Analyze Survey Data
While survey data isn’t the only element you should use to create a solid compensation structure, it is an important part of making informed pay decisions in line current market conditions.
- Proactively Advise Managers
Become a strategic partner for compensation matters, and be the source managers turn to when they need help by providing actionable advice and helpful tips.
- Manage Job Descriptions
Facilitate and coordinate with managers to update job descriptions regularly. Make sure each description fits with your current business needs and approach to talent management.
- Support Organizational Structure
Provide organizational charts, and be a partner during re-organizations.
When you’ve followed the guidelines listed here, you can also develop a pay transparency trifecta in which you help employees understand their role, avoid pay inequity, and foster a sense of trust within your organization. When these elements come together, it means your compensation programs are successfully supporting organizational goals.
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