WAYS OF MANAGING COMPENSATION CHALLENGES
- Human Resource compensation specialists require knowledge of employment trends.
- They should know how to adapt to varying financial conditions.
- Knowledge on how to value jobs internally and externally.
- Find the right compensation balance between employee perception and paying for performance.
- The Human resource department should be able to demonstrate their Return on Investment (ROI) on their activities.
- Ensure compliance with state, local, and federal labor laws.
- Offer incentive programs such as profit sharing or bonuses, which can be a win-win for the employee and the company.
- Creating a system to reward employees for excellent performance is one way to make up for a lower salary.
- The Human Resource should invest in an employee’s workforce thus have a loyal and productive team.
- Set clear goals for the adoption of initiatives, and provide employees with the training they need to get comfortable with it.