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Having a beautifully branded compensation package to present for new hires and as a communication vehicle with your team has so many advantages that it could change the trajectory of your company's ability to grow people.
There are so many advantages but here are 10 reasons why working on a Compensation Package should be one of your top priorities.
- Your compensation package presentation (CPP) creates helpful clarity and compensation guidance for your current employees and potential new hires answering the multitude of questions that employees may have about their biggest reason to work.
- Your CPP creates transparency around a topic that can break faith for the employment relationship and develops trust for your employees on how they grow financially.
- Your CPP presents a cohesive company brand by sharing unique compensation offerings, which differentiates you in the marketplace.
- Your CPP creates the opportunity for more creative leadership, providing guidance around how your employees perform.
- Your CPP helps educate your employees on key components of compensation compliance, KPIs and develops a career path which produces more staff retention.
- Your CPP opens the conversation about compensation and allows you to speak on it with absolute confidence.
- Your CPP produces invaluable parameters that give your staff structured goal posts and compliance issues.
- Your CPP establishes your expertise as a business owner with acumen.
- Your CPP minimizes unreasonable employee demands in regards to pay plans and commissions, making sure that your pay plan stays profitable for the business
- Your CPP simplifies the complexities around taxes, benefit plans, calculations, and income growth
This is a primary focus for me as a compensation coach and I've seen tremendous confidence come from tackling this business project.
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