Time to Conduct Your Annual Compensation Study
Annual compensation studies are imperative in any company that contains employees. Where this may sound like a big undertaking to do yearly, your company will want to ensure that they are offering competitive compensation packages to attract and retain essential personnel. These packages may include Paid Time Off (PTO), health benefits, compensation, perks, and more. The importance of these packages are that it will ensure that willing employees remain happy.
By using compensation analyses and salary benchmarking your company has a better retention rate. It shows that your company cares about the wellbeing of its employees. These acts are crucial in indicating to employees that the company is paying its employees fair and competitive wages while taking into consideration the responsibilities they are carrying out.
There are studies that show many promising candidates are looking to these packages and the differing pay scales for competing positions. More often than not, it can be assumed that the candidate will go with where they believe they will be happier; i.e. a place where they are paid fairly and have their needs met in terms of company benefits.
The Turning Point HCM Team can assist, or completely manage, your company's annual compensation study and help implement any changes you would like to initiate. Contact us (click Ask Liv Now) today to get started.