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Compensation: Give Them Something “Positive” to Talk About
The economic downturn is hopefully over and business is on the upswing. However, events over the past year have left employees and human resource departments weary as they have dealt with drastic and unexpected changes. Companies now in the process of restoring their operations and reorganization, may be considering compensation strategy or salary review. This is an opportunity to reinforce your commitment to employees with a process that is both positive and encouraging.
There are numerous benefits to implementing or improving compensation strategy within your organization. Benchmarking allows companies to view their position within the market relative to pay and benefits. Companies can then use that information to determine where they need to make improvements and focus efforts based on a customized strategy that supports business goals.
A key benefit that employers often overlook during this process is the potential to boost employee morale. Aligning business objectives with compensation is a best practice that can also be used to communicate a clear and effective message throughout an organization. Whether you are establishing a comp strategy for the first time or carrying out a preceding annual process, it is important to stay consistent and ensure employees are informed. A consistent and well communicated effort will require that human resources, finance, and all levels of management are on the same page and take time to reinforce a firm and steady plan. Extra effort in these areas initially will lay the foundation for employees to perceive the process in a positive light, assisting in employee cooperation and minimizing resistance.
Looking at your compensation structure says that you care about your employees and want to effectively manage a vital job satisfier. Employees often feel that salaries are neglected or avoided and even considered a low priority. This perception may have been amplified by salary freezes, deferred performance pay and loss of benefits. Taking a proactive approach to improve your pay structure reassures your workforce they are receiving competitive salary and benefits from entry-level to experienced professional. Regardless of the scenario, employees will certainly appreciate that their salaries are being discussed, benchmarked, and of course fairly and consistently managed.
If your company is in need of compensation data that is specific to the agriculture industry, please contact AgCareers.com today and inquire about the Compensation Benchmark Review™, an agribusiness salary survey. Data is available now and benchmarks 135 positions from a variety of agribusiness companies across the US and Canada. Data collection for participating companies will being in April, please email or call today to find out how you can become involved and get started benchmarking your company’s positions. Phone: 800.929.8975 or Email: email@example.com