Every organization faces the challenge of getting pay right. Employee feelings about compensation drive satisfaction. While not the only issue, it plays a key role in employee turnover. Talent attraction depends on being able to pay for the people you want.
At the same time, company success depends on effectively managing compensation. Payroll accounts for between 15 and 30 percent of gross revenue. It can be much higher in labor intensive or service industries. Business success often boils down to controlling compensation.
Getting compensation right depends on having and using proper data. Big companies have compensation departments that specialize in the details of pay strategy and planning. For smaller organizations, the process can be challenging.
We made this guide to make your life easier by bringing clarity to the topics that matter and this critical business process.
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