Why You Need a Compensation Philosophy
By Staff Writer
In a recent PayScale webinar, Stacey Carroll, MBA, SPHR, touched on a key HR process that can get skipped when life at the office becomes too hectic. Once you’re done sorting out a new hire’s training schedule or making sure current employees understand their medical benefits, it’s important to set aside time to review or create your company’s compensation philosophy. This philosophy will then inform your compensation policy. And, that policy acts as the foundation of smart compensation program.
How do you get started in this HR process and what is the difference between a compensation philosophy and a compensation policy?