Compensation Studies: Rumored to be a Pain... but Do they Have to Be?

Compensation Studies are rumored to be a pain in the neck for everyone involved. Think about the biggest expense in any business, think about the reason people come to work...it is the same answer: Salary and Benefits!

 

Why is everyone afraid of this topic? Here are some of the things we hear:

 

1. The Boss... "We already overpay people."

2. The Employee... "We are so overworked and underpaid."

3. HR Team... "If we do a study, people will only think we are trying to cut their pay."

 

WOW!  It's amazing how far apart everyone can be. If only all three of these groups looked at what a compensation study can truly be, they would see it benefiting them all dramatically.

 

A compensation study is strategic. It can be used tactically.  It can be used for training/motivation.  And it could be used to help set career paths and longevity.

 

If you need help or want to talk about the many benefits of completing a compensation study, please reach out. 

 

Rick Maher

CEO

Turning Point HCM

TurningPointHCM.com

 

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