Along with internal equity and market comparison, a potential staff member's formal background should be taken into consideration when determining appropriate compensation. Here are the three primary areas of consideration: Degree or Non-Degree Area(s) Of Study Under Graduate Or Graduate Level Based on the position requirements as documented in the job description, how close of a match is the … [Read more...]
Internal Equity
Another Critical Part Of Any Organization's Compensation Program
A challenge in the implementation of any compensation program is maintaining internal equity. What does that mean? When considering adding a new staff member, it's important that the rate of compensation offered is consistent with other staff already in place in similar positions. This can be difficult, especially in a situation where an outside person is being considered who, in their current position, is already … [Read more...]
Market Comparison
A Critical Part Of Any Organization's Compensation Program
Documenting your Compensation Program is a very important part of annual salary budgeting, especially as it relates to providing "back up" and rationale for where a particular salary needs to be in the new budget. Are we talking about a cost-of-living or merit (depending on what you call it) increase, an equity adjustment, or no increase at all? The first and most important area of consideration, especially as it … [Read more...]
Organizational Culture
What Is "Culture" And Why Is It Important?
The success or failure of an enterprise is almost entirely dictated by how well the senior leadership of the organization creates a healthy culture. That’s a bold statement, I know, but it's painfully true. Read on … Culture is what happens when the senior leader(s) in the organization does or doesn’t practice good leadership. (See the Leadership Fundamentals, previously posted.) Let me say this differently. If … [Read more...]
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