What is a compensation strategy?
With a tight labor market and changing demands from job seekers and current employees, you may need to adjust your employee compensation strategy.
Learn more in our blog: https://www.peoplekeep.com/blog/what-...
CHAPTERS:
0:00 - Introduction
0:25 - What is a compensation strategy?
0:52 - Why is a compensation strategy important?
1:27 - What are the different types of compensation strategies?
2:19 - Creating a benefits package
3:06 - Conclusion
Some common compensation strategies include:
Straight salary: Paying workers a base salary
Salary and commission: Workers earn a salary and sales commissions
Commission only: Workers only earn commissions
Team commissions: Commissions and bonuses are based on the team’s performance
Profit margin or revenue-based: You pay workers from the organization’s profits
Residual commission: Workers continue to earn commissions on revenue from their accounts even after they leave the company
Total rewards: Offering employees a mix of compensation, employee benefits, and non-monetary perks
No compensation package is complete without quality employee benefits. Some popular employee perks include paid time off (PTO), retirement benefits, and health insurance.
If you’re ready to offer an HRA or stipends to your employees, PeopleKeep can help. Our personalized benefits administration platform makes managing your benefits easy.
Learn more about HRAs: https://www.peoplekeep.com/health-rei...
Since starting in 2006 as Zane Benefits, we've helped thousands of organizations offer affordable benefits to their employees.
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