Do you know how to lead your company through the compensation planning process? At PayScale, we’ve been talking with organizations for years, helping them develop compensation strategies, build their pay ranges, and train their managers to better communicate comp across the organization.
5 Easy Steps to a Smart Compensation Plan provides a succinct, step-by-step guide to compensation strategy and salary benchmarking. Whether you are creating a formal compensation plan for the first time or updating an old one, the following series of checklists will help you through the process. Key topics include how to:
- Plan ahead and get buy-in from company leadership
- Age and weigh your compensation data
- Calculate the midpoint of a salary range
- Perform compensation benchmarking analytics
- Stay consistent and perform regular updates