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Click the link to discover more about Effective Compensation With Performance you can click: https://watersbusinessconsulting.com/ This video is all about Effective Compensation With Performance valuable information but also try to cover the following subject: -Performance management -Compensation management -Effective Compensation With Performance Organizations use a compensation strategy to define how it views and manages employee pay and benefits. The strategy serves as a guide and should be outlined in a written document that clearly articulates the organization’s approach to managing employee compensation. An effective compensation strategy motivates current employees and is used as a tool to attract new ones. Keys To An Effective Compensation Strategy: 1. Budget Allocation The strategy should include the organization’s approach to allocating compensation dollars into salary and benefits. This budget allocation will determine how much of the total compensation budget will be spent on salary and what percentage will be spent on benefits and other incentives. 2. Develop Salary Ranges Develop salary ranges to ensure employee pay is competitive with other organizations. To be competitive, it is important to benchmark similar jobs within the same industry and to create a pay structure. Salary ranges can be developed internally by conducting research or utilizing sites like salary.com or payscale.com to determine average salaries in a particular geographic area. 3. Salary Audits Markets change, therefore it is important to perform routine salary audits to ensure salary ranges reflect current compensation trends in a particular industry. When performing an audit, the goal is to determine how competitive are those particular jobs and what is the external market demanding. 4. Benefit Package Many organizations use benefit packages, in addition to salary, to attract and retain employees. Their goal is to be competitive with health, retirement, tuition reimbursement, and other benefits because they understand that it can be the determining factor for a job candidate who is deciding whether to accept a position with an organization, or an employee who is considering leaving. 5. Performance Management System It is important to have a structured performance management process to ensure employees are meeting corporate objectives and are assessed regularly. This process should include the development of annual goals, annual performance appraisals, and a structured process for coaching and mentoring employees. Compensation strategies can positively influence employee engagement and improve employee productivity. So you wish to know more about Effective Compensation With Performance, I did too, and here's the result. Effective Compensation With Performance interested me so I did some research study and created this YouTube video. -------------- This channel has other similar videos about performance management, compensation management, and Effective Compensation With Performance Please check them out: / @johnwaters5557 -------------- If you were trying to find more details about performance management or compensation management did this video assist? Maybe you want to comment below and let me understand what else I can help you with or information on Effective Compensation With Performance. Let's Connect: Facebook: https://web.facebook.com/watersbusine... Twitter: / john_jwaters Instagram: / waters-business-consulting