Description
Compensation: providing monetary value to employees in exchange for work performed. Salary, commissions, bonuses and fringe benefits are examples of different types of compensation that exist in the workplace.
There are several compensation systems that help determine the value of particular positions within each organization. Job descriptions, evaluation and analysis and salary structures and surveys are tools used in these determinations. The FLSA (Fair Labor Standards Act) established rules governing workplace compensation practices.
General Tips
When developing a compensation plan:
•
Set an objective
•
Determine a budget
•
Analyze the market
•
Analyze and evaluate the jobs
•
Develop a policy
•
Communicate to employees
•
Monitor the program and make necessary
changes if appropriate
Questions to ask an
expert
•
How do I begin the process of establishing a
compensation plan in my organization?
•
Whose assistance, within the organization,
do I need?
•
How do I best evaluate the jobs we have?
•
What outside services can I utilize to
assist me in the process?
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