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When business owners begin to compete for the best talent for their business, they have to approach salary and compensation with considerations that include being both prudent and competitive. This thinking must not only be comparable with competitors in their industry but also align within the organization. Today’s show will discuss how business owners can create compensation for their teams and organizations in a manner that is fair and equitable both inside and outside the organization.
How to Define Your Organizational Pay Strategy
Evaluating the various pay strategies (Lag, Match or Lead)
Understanding the various types of internal compensation
What You Need to Do
Previous: Episode D4.009 Rewarded for Helping Others Perform
Next: Episode D4.011 The Reward for Competence is Delegation (Boyd Hamlin)
Written by Angela Hooper-Menifield
“The People Side of Business”
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