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Motivating Employees through Compensation Management

Motivating employees through compensation managementHuman capital drives the success of your business. Compensation management is the key.

Compensating management plays a key role in attracting and retaining highly-skilled and motivated employees. Human capital - more than just about any other resource - drives the success of businesses. Therefore, HR must make compensation planning a top priority. This planning process is an ongoing effort.

While compensation management can be aided by compensation management software, getting the priorities straight is most important. Your employees must be motivated through the strategy. Also, employees in different functions require different motivational strategies - just think of sales and accounting associates.

Managing the Total Compensation Package

The total compensation package differentiates you - good or bad - in the fight for attracting and retaining the right people.

The total compensation package should include varying levels of base salary and incentives. But the objective always is to have the business run at peak performance. So matching each employee’s task with the right benefits and perks does require some tweaking.

Employee turnover is only a good thing, if you can find better employees. But more often than not, forming good teams takes time. So keeping those good team players - and making them better - can be greatly aided by offering the right fringe benefits such as:
  • health insurance
  • pension plans
  • stock options
  • profit sharing
  • tuition reimbursement
  • etc.
And if you do need to expand your team or replace less-than-stellar performers, attracting the right talent in this highly-competitive labor market does require the right incentives. With poor compensation management, you will be left behind.

Training on Compensation Management

We offer a wide variety of well-received courses on compensation management. Find proven courses by browsing our featured courses and additional resources below. get a list of available compensation courses here.

Compensation

Courses and webinars on how to develop the right compensation strategy for financial compensation for executives and other employees for their services to the company. Get more information on Compensation.
Featured Courses:

Employee Benefits

Programs on employee benefits management covering laws and administration of employee benefits. Get more information on Employee Benefits.
Featured Courses:
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