Verification list of the 365-day compensation plan

It’s hard to believe, but 2017 is just around the corner. And now that we are in the fourth quarter of 2016, many companies focus on the budget for next year. The planning of the distribution of next year’s compensation budgets can be particularly difficult, and is not as simple as added 3% per year. Without a solid compensation strategy, it will be difficult to retain current staff and attract new candidates at the best levels.

For success in 2017, it is important that companies take time for effective compensation planning, which is the process for the distribution of increased dollars. To do so successfully, you must ensure that your compensation is linked to the market rates of those organizations against which you compete for the product and work. With the appropriate market rates understood, the challenge is to ensure that the compensation dollars are distributed andN function of the performance of employees, and that their increases are in line with the budgets of the company. WA despite these data, your company could be at risk of uniting or paying employees, affecting commitment, retention and bottom line.

What should you try to achieve in your Compensation Planning? Consider the following checklist of the questions you must ask yourself to formulate your strategy for 2017.

Our payment is competitive externally?

Identification of how their payments are compared with other companies in their industry (percentage of market data reported by the employer) will help you readjust it for 2017. Your company must offer competitive salaries for Retain your current employees and attract the best candidates for your open positions.

Is our pay equitable internally?

Internal equity is as important asExternal competitiveness. The appropriate compensation strategy is one in which similar role employees, with comparative skills and education, are compensated at a similar rate. This is not only bound by law, but with equitable payments, emploe . The Yee can trust that they are paid what they deserve, and that their compensation is not affected by its gender, ethnicity or other demographic differences.

Are we spending within budget constraints?

Sure, paying the employees competitively crucial, but the company must also ensure that its compensation strategy is not breaking the bank. Instead of offering increases in the blanket, its compensation planning should allow you to provide variable increases based on individual performance, as well as the change of rates for its different work families (such as the roles found in greater demand).

How is NueStra compensation strategy helping to attract, retain and motivate employees?

While money is not everything, it does mean employees a lot. When you are satisfied with your compensation, you will be more committed, you probably stay at work and make your best work. If payment performance is not included in your compensation strategy today, it may be time to implement it. Rewarding Great work and recognizing a strong performance is an important way to keep employees committed and motivated. Performance-based increases show employees that you value the work you are doing and the hours you are putting.

How do we identify the best interpreters?

Providing the same salary increases across the board, although it may seem fair, you can actually do more damage than good. Consider it from the perspective of your best interpreters, should not you receiver A greater increase than those that are not performed at the same level? Having a consistent method to evaluate performance for each position or the employment family will help you identify those who exceed expectations and have a positive impact on your organization.

Do we defactly reward the best interpreters?

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Once he identifies his best interpreters, it is important that they be compensated properly for their work. There are many different ways to distribute the numbers, but the key here is to make sure that you understand the compensation philosophy. While it is definitely important to reward employees who are moving the needle, it is even more important that the entire team understand how they can become a high performance employee (and how are they being measured). When employees understand the philosophy of compensation, it is a lotOr more likely they commit and feel empowered to put in the extra effort.

How can we reinforce a yield culture? Transparency and open communication Around your payment philosophy is key so that employees understand how compensation is determined. Recalling employees at the beginning of the year on how their performance is evaluated, and how it is related to payment increases, it will strengthen the company’s performance culture (where an employee’s work production is directly linked to its compensation level ). Preparation of a compensation plan for 2020 and beyond developing an effective compensation plan can be challengining, which requires an in-depth look at market data, employee performance and company budgets, and an understanding of How to use this information adequately. But with the previous questions as a guide and the appropriate tools in force, your organizationn You can use these last months of 2016 to create a successful compensation strategy for 2020 and beyond.