Compensation—whether hourly wages or annual salaries—is a talent attraction magnet, a general employee motivator, a retention technique and a measure for the health of your business (and the economy as a whole).
But there’s often confusion around salaries, both in what today’s accurate ranges actually are, and if every department within a company truly needs to evaluate compensation. Incorporating a strategic salary program that aligns with business goals requires a comprehensive understanding of the current labor landscape, and the role employee pay plays in every department within your company.
This guide will discuss why compensation strategies should be discussed across departments, and how your company can address employee earnings today to help you maintain the right approach tomorrow.
Let’s get started.
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