How to Make a Compensation & Benefits Document in Apple Pages?
Having a good and competitive compensation & benefits plan and packages can greatly help your business to appeal and retain higher-quality workers, as well as compete globally with other competitors.
1. Establish Your Pay Philosophy
Think of a good pay philosophy for your company employees which includes other factors aside your employee's salary such as your benefits, performance bonuses, incentives, and other company provided perks. How do you want to execute your employee's compensation & benefits? Will everyone acquires the same package? Look for ways on how you can make your employees happy and motivated at work while keeping up with your company's policies.
2. Compare Your Competitor's Compensation & Benefits
Your employees are always on the lookout for job opportunities with higher salary offer and better compensation & benefits. In addition, there are a lot of companies who offer similar compensation as to what your company offers. So, how do you keep up with the competition? Benchmark other companies' compensation & benefits packages, then compare them with yours. Talk to your people and create a survey of their preferred packages on compensation & benefits. By now, you can factor in possible solutions for your problem.
3. Set Your Salary Level or Hourly Pay Rate
Aside from your competitors, you also worry about your employee's performance during office hours. Sometimes you wonder if they are actually working or not. Nevertheless, you need to have competitive compensation to keep your people happy to improve their performances. Give fair judgment to your employee's salary and wages, and avoid discriminatory practices. Evaluate your employee's job description, review if your employees are tenured with high experiences, and check their workplace and situation. At the same time, never forget to provide them with proper overtime pay and holiday pays.
4. Decide on Your Benefits and Incentives
You also need to factor in your employee's benefits. Your human resource is the one who manages and develops your employee benefits packages. So, what can you offer to your people? According to one statistics made by The Harris Poll, 70% of the staff members are likely to leave their current organizations for jobs that invest in employee development and learning. Improve your benefits by providing them healthcare packages, vacations, insurances, and retirement plans. At the same time, you can offer them to attend training and seminars to develop their skills.
5. Provide Pay Raise for Your Employees
Though this may not be applicable to all companies and organizations, providing pay raise for your employees is also a good strategy to compensate them. Decide on a good incentive plan for you to implement a pay-for-performance system to enhance your employee's satisfaction. Give them good bonuses, incentives or other non-monetary rewards for a job well done.
6. Present Your Compensation & Benefits
Lastly, present your compensation & benefits plan and proposal packages to the board. Show your credibility and use facts and figures when you present your report. Be clear, stick to your topic, and go straight to the point with your main idea. Use related researches and be realistic with your short-term and long term-goals to convince your target market.