Written by Candice Wolken
May 3, 2019
Compensation managers are tremendously valuable to any business. Employee salary and benefit expenses typically represent 40% to 80% of an organization’s gross revenues, and comp managers manage every penny of the process. Their work impacts productivity and is faster than a speeding budget. Some say they can leap office buildings in a single bound!
The Bureau of Labor Statistics states that compensation and benefits managers plan, develop, and oversee programs to compensate employees. While accurate at a simplistic level, the impacts of compensation work can be more powerful than a locomotive – and felt throughout an entire organization.
Since compensation programs have such a significant impact on an organization’s success, your organization should ensure the right tools are available for compensation decision-making.
Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.