Compensation typically refers to base and variable pay components of an organization’s Total Rewards Strategy. Compensation along with benefits comprise the majority of the total rewards offered to employees in exchange for work contributions. Why is compensation important? First, compensation is likely to be the largest fixed cost in your budget. Secondly, your Total Rewards Strategy is critical for attracting, rewarding and retaining key talent. Finally, a dramatic increase in litigation with high dollar rewards and damages, underscores the need to pay attention to your organization’s pay practices.
See below for a list of documents and tools available with the Compensation Success Kit. Upon request, a needs assessment/best practice consultation is also available from a TMS subject matter expert. |