By Sharon McKnight, CCP SPHR
I firmly believe that every company should have a written compensation philosophy that guides the design of its pay structure. For example, whether it will pay employees below, even with, or above the market.
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A pay philosophy helps HR develop pay practices in support of the goals/objectives and overall business strategy of the organization. It lays the groundwork for developing a written compensation strategy that details how compensation plans and programs will be designed and implemented.
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