Compensation Rule of Thumb
Determine if each employee's compensation package is within market range
Perhaps one of the toughest challenges for any manager is to deal with the issue of compensation. As we all know, compensation is a very personal issue, and while there are many issues impacting a person's decision to engage, perform, and stay; compensation is a foundation element to our satisfaction at work. When employees believe their compensation is not what it should be, dissatisfaction and even anger can develop, thus making it difficult for the person to want to stay with the organization. Therefore, it's important to know if each of your employee's salaries is within the market range and is appropriate for the person's experience, skills, and education. When an employee's compensation is appropriate for the role and level of expertise, the individual is better able to focus on his or her work, can perform at a higher level, and will choose to stay with the organization. By completing this course, you will know how to determine if each employee's compensation package is within the market range. This course has been approved for 1 hour of PDU credit from PMI (Project Management Institute).
- 10 minutes