Table of Contents
- 5 Steps to Create an Employee Compensation Plan
- 7+ Employee Compensation Plan Templates
- 1. Employee Compensation Plan Template
- 2. Incentive Compensation Plan Template
- 3. Compensation and Benefits Plan Template
- 4. Compensation Policy Template
- 5. Employee Compensation Plan
- 6. Employee Compensation Guide
- 7. Employee Compensation Plan Template
- 8. Framework for Fair Compensation
7+ Employee Compensation Plan Templates
The U.S. News & World Report’s 2019 Best Jobs ranks health and medicine as the industry with the highest paying jobs in the country. But of course, this comes with the not-so-surprising catch of a poor work-life balance because most high-paying jobs are also rife with high-stress levels. But stress and work-life balance aside, there’s arguably no better driver for employee satisfaction, recruitment, and retention than a great employee compensation plan.
In order for a company to manage employee retention and hire the most qualified individuals, managers must come up with a compensation and incentive scheme, ergo a competitive salary offer on the table. If you don’t, your competitors will. Find out how by reading the steps we have compiled for you below:
5 Steps to Create an Employee Compensation Plan
Step 1: List down the positions available.
If you’re a startup business owner, sit down and take time to think about the total employee positions you need to get your business off the ground. You may need a part-time receptionist, a secretary, a cashier if you own a retail store and associates. You also have to balance your compensation plan. Even as a last resort, you can’t hire more people at the expense of your current workers’ salary.
Step 2: Apply the compensation philosophy.
It helps to offer performance incentives and bonuses as part of the compensation package. This is why compensation agreements and plans are a vital part of making sure that all parties understand the expectations that come with the benefits in the employee’s compensation terms.
Step 3: Research and analyze market compensation.
One of the oldest secrets of employee satisfaction and high workforce morale is paying a competitive salary to make sure you don’t lose the very people responsible for making your business successful. However, you also need to do a market analysis to find out whether you can offer higher market salaries to attract the best talent and convince them to work for you.
Step 4: Benefits package should be tied to your goals.
A company’s incentive plan should be given in a way which helps the company reach its targets. Employees that make a great contribution and add value to the company and its growth in direct and long-term ways should be the ones awarded with bonuses. In short, it should be earned. It’s not rocket science.
Step 5: Make sure it complies with Federal and State employment standards.
Make sure that your compensation plan complies with employment standards in your state as well as federal laws. These would include overtime compensation, leave benefits and other labor required benefits such as health insurance, minimum wage laws and any other federal regulations relevant to payment and compensation.
7+ Employee Compensation Plan Templates
1. Employee Compensation Plan Template
Your competitors will want to hire the same people you need. The key to attracting future employees and keeping the best ones in your turf is offering appropriate compensation and benefits package. Download this Employee Compensation Plan Template in all versions of Google Docs, MS Word and Pages to help you create your company’s compensation plan.
2. Incentive Compensation Plan Template
It’s a challenge to maintain employee satisfaction in any company. One of the best strategies to keep your frontliners happy is to provide them with a competitive salary and incentive package. You can take advantage of this Incentive Compensation Plan Template in outlining the best compensation plan for your employees. Download this printable template in Google Docs, MS Word or Pages.
3. Compensation and Benefits Plan Template
in.govMake your employee contract more convincing by attaching a compensation plan that fits the job position being offered. If aren’t too sure how to create one, you can download this Compensation and Benefits Plan Template which comes in a format that you can easily edit according to your hiring and recruitment needs.
4. Compensation Policy Template
wm.eduAre you having challenges in attracting qualified individuals to work for you? Then it’s time to consider improving your compensation and benefits scheme because the one you have may already be outdated. Get this compensation plan and policy sample in order to have an attractive package that will surely make the best talents to join your company for the long term.
5. Employee Compensation Plan
collin.eduDraft a compensation plan which is in line with employment compensation regulations, your brand’s mission statement and what you can afford to offer. With this Employee Compensation Plan Template, it may just be possible to have a team of skilled, qualified, and competent professionals on your team. What are you waiting for? Download and print this template now!
6. Employee Compensation Guide
agrilife.orgWith the job market getting more and more demanding, hiring the most qualified people will not be easy. Fighting to get them on board would mean offering an irresistible salary along with benefits that would make them say “yes” to you before they even consider the competition. Download this Employee Compensation Guide Template to make sure that you’ll outline a great compensation package.
7. Employee Compensation Plan Template
texarkanacollege.edu
The best way to show the workforce that the management cares for them and recognizes the work they do is through a compensation plan that would make them stay. You can download this Employee Handbook and Compensation Plan Template to establish salary expectations and benefits for new and tenured employees.
8. Framework for Fair Compensation
unilever.comWhen workers know they are appreciated for the job they do and are properly compensated, they have more motivation to work and deliver to the best of their abilities. Create a compensation package which is at par with employment standards and one that can compete with what other companies are offering. Present the future members of your team with the right compensation offer by downloading this Framework for Fair Compensation Template now.
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