compensation strategies

How Can I Improve My Compensation System?

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How Can I Improve My Compensation System? Pay employees salary and incentives. … Keep the incentive part of your plan simple. … Establish SMART goals. … Determine what your competitors are paying. … Modify salaries based on employees’ geographic location. … Use merit increases to reward top performers. How manager can increase their own compensation?

Why Is Compensation Strategy Important?

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Why Is Compensation Strategy Important? Having an established compensation strategy contributes to your ability to predict costs for hiring new employees and providing salary increases. It also helps to avoid situations where pay decisions may be inconsistently applied. What is the importance of compensation strategy? Compensation strategies can be used to: increase the satisfaction level