Compensation and benefits

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Compensation and benefits

Your organization's most powerful asset is its people. Compensating them for their contributions is a critical part to attracting, motivating, and retaining employees so your business can grow. To determine what to pay your employees for their work and how to reward them for their successes, there are several things to consider. First is your organization's culture. For example, if there is emphasis on teamwork and collaboration, you'll likely provide similar benefits across all levels and deliver standard pay increases annually. If the emphasis is on individual performance, your pay structure might include bonuses for reaching individual goals.

Also consider the needs of your workforce. What benefits will they find valuable given their particular age, skills, and experience? An attorney I know told me that she was frustrated because as the owner, she was matching 401k contributions and none of her employees seemed to notice. Instead of being angry at them, it was important for her to realize that she needs to spend that money.

Source: https://www.linkedin.com/learning/administrative-human-resources/compensation-and-benefits