When you’re confident in your employee compensation strategy, you won’t feel backed into a corner when an employee asks for a raise they don’t deserve or threatens to quit over their pay. Offering competitive employee compensation strategies that suit the job description allows you to remove emotion from the equation and focus purely on the employee’s performance.
Here’s what you need to remember when determining your employee compensation plan.
Another thing to consider is when to re-evaluate an employee’s compensation. Although uncommon, scheduling performance reviews at a different time of year than compensation reviews is a good idea.
Disconnecting these two reviews allows you to evaluate an employee’s performance more objectively. Salary discussions are often tense and can be emotional. It’s easier for employees to hear positive and negative feedback when it doesn’t feel like their livelihood is on the line.
Taking the time to fine-tune your employee compensation strategy can make a big difference in how you attract and retain talent. A business coach can help you get it right. If your business needs an improved employee compensation strategy, you can schedule a complimentary video coaching session with an expert here.
Coach Dave
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