How much should I pay my people and what should I include as employee benefits and employee rewards? It’s a balancing act with 3 sides to the decision: What is the market standard? What can I afford? What do they deserve?
Whilst you want to make sure your compensation plan is generous enough to retain your employees,the reality is there are constraints on just how much the business can afford as well as standards for a particular occupation in a particular industry in a particular part of the country. Union rules and labour legislation along with WSIB imply another structure.
Compensation goes beyond the basic pay check. Elements of a compensation benefits framework include:
- Company benefits
- Employee benefits
- Government benefits
- Bonus programs
- Employee recognition programs and employee recognition
- Incentive programs and incentives for employees
- Employee appreciation
- Staff rewards
You may need to have a multi-tiered compensation program split into CEO compensation, Executive Compensation, and management and staff compensation programs.
To start out on the right foot, engage a specialist in the area of compensation and benefit management. Your Human Resources Professional Leader can help you work with the best and create a comprehensive employee compensation, benefits and recognition program that works for your business.