Compensation Strategies to Attract and Retain Top Talent
Salary can be a key factor for a candidate when conducting a job search and accepting an offer. With several different types of strategies to choose from when developing a compensation plan for your organization, you must first start by examining the organizational structure as a whole. Next, review and refine position descriptions. Well-defined position descriptions are one part of the equation in trying to determine the market value for a job. Once you have a clear understanding of the responsibilities, skills, and education requirements of a position, you can begin to address compensation. Employee salaries are based on these factors and the organization’s compensation philosophy.