Compensation is often one of the key concerns I hear from entrepreneurs and companies ramping up. I’m often asked questions such as:
- How do you I if I’m paying competitive wages for the talent I need?
- What is the right combination of base and bonus?
- How should I respond to an employee asking for a raise?
- Should everyone get an increase each year?
- What exactly is the right overarching compensation structure?
Getting compensation right takes these and a lot of other concerns off the table. It allows the company to focus on their objectives and achieving their mission. But it requires careful attention to get compensation right.
At GroHR, we focus on the following key elements of a compensation strategy:
- Salary Surveys
- Job profiles
- Salary Structure
- Salary Banding
- Company Pay Line
- Market Zones
- Company population and revenue size
- Key skill sets and hard-to-fill positions
- Incentive programs
- Compensation Mix and weighting
- Annual reviews
- Pay for Performance
GroHR has developed compensation strategies and associated tools for a variety of company situations. Find out how we can help you. Contact us to arrange a free consultation.