Compensation: Helping Ensure Your Compensation Package Attracts and Retains the Talent You Need to Succeed

Although there are a number of important factors related to employee attraction and retention, research on compensation clearly shows that employees must first and foremost earn sufficient money at a job in order to first accept an offer of employment and subsequently remain long term. This half day session will discuss the concept of strategic compensation planning to allow participants an understanding of how to ensure their compensation packages are competitive at the level they wish them to be within the marketplace. This session will examine:

  • How do you link compensation to your organizational objectives?
  • What other Human Resource Management functions are tied to the compensation process?
  • What compensation strategies are available to the small business owner?
  • What is a job evaluation and what is the benefit to your organization?
  • Have important is pay equity to your compensation strategy?
  • What are the best types of incentives to use in your compensation packages?
  • What other types of benefits should you consider when making compensation packages?
  • How do you control your compensation costs?

Learning Outcomes: Participants will leave this session able to:

  • Ensure their overall approach to compensation my sense when compared to their long term organizational objectives;
  • Understand the link between compensation and other Human Resource Management functions;
  • List the various compensation strategies that would be most effective to their business;
  • Explain what a job evaluation is and how it can benefit their business;
  • Demonstrate the importance of pay equity as a critical part of the compensation strategy;
  • Differentiate between different types of incentives in order to choose those that would be most successful in attracting/retaining employees;
  • Choose between other types of compensation variables to create the best mix taking into account both attracting/retaining employees and overall organizational objectives; and
  • Be able to implement the above while maintaining control over the total costs associated with the compensation packages.