An organization’s ability to attract the best employees is influenced by a good compensation package. The challenge is how to balance the high cost of such a package with the necessity to produce profit. The HR professional must be skilled at striking the best balance appropriate for the organization, which means understanding the rules and regulations governing compensation and how those rules and regulations impact the company.
• Exploring the different compensation approaches and practices
• Legal impact on compensation strategies
• Development of a base pay system
• Compensation administration process