Conducting Compensation Reviews at SMEs

When a compensation strategy works, employees feel ready to work, and a business can position itsself to acheive its objectives. When it doesn’t, staff look to work elsewhere, they don’t bring their best performance to work, and objectives become misaligned, impacting overall cohesion.

This is why it’s important for businesses to review their compensation strategy annually.

The problem is, since not all businesses are the same nor have the same goals, compensation strategies require customization. This makes reviewing a time-consuming process with many factors at play, from professional development goals vs corporate needs, economic issues, budget vs market, sourcing reliable compensation data, and more, all simultaneously pulling the strings. It can be easy to feel lost.

One theme underlines all this: the importance of finding a way to link business objectives to compensation strategy.

Compensation Reviews in SMEs will focus on this theme. Specifically, we will outline the purpose and main components of compensation reviews, how to match comp strategies to business goals, and how to take this information and create a comp plan that motivates and retains staff.