How to Write a Compensation Plan: Some Fundamentals During a Recession
Maybe as employers, we can get a little complacent about our compensation plans this year.
We’re all sitting in the catbird seat today. And maybe still will be next year.
Along the way, especially if the economy doesn’t improve, the only folks we’re really likely to lose are – who? Well, there’s a concern! It’s our outstanding employees who are the highest turnover risk – those who are keeping us successful during a recession.
So let’s discuss how to write a compensation plan, today, that will keep us in business for the long run. One that will encourage employee retention, maintain morale, limit employee turnover and keep us HR types on the CEO’s “nice” list. Here’s how: