Create an Outstanding Benefits and Compensation Program

Some business leaders will tell you that one of the biggest aspects of their business that affects its success is the quality and management of their benefits and compensation program. Not only does an outstanding program prevent overspending and employee frustration, but it also motivates employees to perform at their highest possible individual and group levels. Additionally, a fantastic program builds loyalty. Yet, too many businesses fail with their benefits and compensation programs.
What are some common ways they fail?

  • Their programs are too complex and confusing to follow.
  • They don’t communicate how the programs work well enough to employees.
  • They don’t keep detailed enough records or follow all auditing requirements.
  • Their programs lack flexibility for different employee types and job responsibilities.

This guide from Workforce.com has been designed to offer all employers, no matter their company size, helpful tips to create an outstanding benefits and compensation program.
After outlining common failures, the editors then cover the difficulties that HR representatives face when building and managing a program. They follow this information with details about how successful, high-performance companies handle benefits and compensation. Next, they offer a plan filled with tips designed to guide you through the entire process.
Also included are extras that explore how to deal with common obstacles, examples from case studies and several benefits that have been proven to work. Lastly, they provide an easy-to-follow bullet-point list of one-sentence summaries of each of the most important areas to remember!
Before entering into the development and maintenance of a benefits and compensation program, check out  this Benefits and Compensation Orientation Guide.