S4E21: Four Best Practices for Developing a Rewarding Compensation Plan

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In this episode:

• Why Rewarding Compensation is absolutely vital to the health of any workplace culture.
• We do know from the data we collect that compensation is not a primary motivator in sustaining employee engagement, but getting the right balance is important.
• Compensation may not be the reason an employee stays with your organization, but it may be a reason they choose to leave.
• Four best practices for developing a Rewarding Compensation plan. 
• First, you need to define your philosophy of compensation.
• Second, you need to identify your compensation strategy.
• The third essential is to benchmark salaries for each position.
• Training managers to have effective conversations about compensation.

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