COMMUNICATION
Total Compensation Statement
Within CompAnalyst® you can run a Total Compensation Statement which provides a consolidated view of an employee’s compensation – from base pay and bonuses to benefit information like medical insurance, 401k, taxes, etc. – and deliver on your commitment to pay transparency.
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Employee Worth: Highlight how an employee fits into your organization’s internal structure and communicate the value an individual employee has to the organization.
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Total Compensation Picture: Consolidate an employee’s total compensation into a presentation ready statement and provide a holistic view of their package.
Frequently Asked Questions
What Is a Compensation Plan?
What Is an Example of a Compensation Plan?
Base salary.
Commission structure tied to sales performance.
Bonuses for exceeding targets.
Benefits like health insurance, retirement contributions, and professional development opportunities.
Offer performance incentives.
What Does a Good Compensation Plan Include?
What Is the Compensation Planning Process?
A thorough compensation planning process will involve:
- Doing a job architecture and analysis.
- Benchmarking salary data and market pricing.
- Employee performance evaluation.
- Developing a compensation strategy.
- Communicating the plan with employees within the organization.
- Monitoring and adjusting the plan.
How to Develop a Compensation Plan?
Start by determining your compensation philosophy.
Outline the job architecture by defining roles and levels at your company.
Create guidelines for employee performance evaluations.
Define direct compensation (salary, bonus, and equity).
Define indirect compensation like benefits.
Consider internal and external pay equity.
How to Design a Successful Compensation Planning Strategy?
Insights You Need to Get It Right
