The compensation management process lays the foundation for a company culture that recognizes and rewards strong performance. To achieve these goals, compensation management must encompass the following elements.
In order to manage employee merit, bonus, and incentive plans effectively, it’s important to first understand the key differences among these types of pay.
In order for employees to understand their value in the organization and the fairness with which you’re compensating them, you must become transparent about rewards.
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.
