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What is base salary?

What is base salary (also known as base compensation)? And what is compensation philosophy and structure? In this episode we talk about that and also about market value and how to balance internal and external equity - among other things. This episode is packed with insight as I talk with David Pan who understands the nuances of compensation and also some of the practicalities - like what works better and some things to avoid. 0:00 Intro 1:01 What is the purpose of compensation? 2:28 There are more important drivers of retention 4:06 What is base compensation? 4:39 What are the principles of a base compensation program? 7:26 What is compensation structure? 9:11 Regular activities of a compensation program 10:50 How often should you do a market review? 11:25 The role of leaders 12:16 How do you equip your leaders to have compensation conversations? 13:40 Compensation training isn't necessarily effective 15:17 When market value rises 19:09 Some compensation philosophies are shared 19:56 Balancing internal and external equity