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Fair Compensation Principles
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Flashcards
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Pay Equity
Eliminating wage disparities between genders and ethnic groups
Seniority and Experience Recognition
Recognizing the contributions of long-serving employees
Total Rewards Approach
Offering a comprehensive package of compensation, benefits, and growth opportunities
Compensation Reviews and Adjustments
Periodically reviewing and adjusting compensation to maintain fairness
Transparent Criteria for Raises and Promotions
Setting and communicating clear criteria for earning raises and promotions
Performance-Based Pay
Aligning employee rewards with individual and team performance
Skill-Based Pay
Setting pay rates based on skills and knowledge instead of job title
Job Evaluation
Assessing the relative value of different roles within an organization
Understanding Market Rates
Ensuring compensation aligns with market industry standards
Legal Compliance
Adhering to wage laws and regulations
Employee Needs and Preferences
Considering individual employee needs in compensation
Living Wage Consideration
Providing compensation that meets the basic living standards of employees
Incentive Programs
Motivating employees through monetary and non-monetary incentives
Compensation Equity Training
Training HR and management on equitable compensation practices
Internal Equity
Maintaining fair pay comparisons within the organization
Profit Sharing Plans
Including employees in the financial success of the company
Transparency in Compensation
Communicating pay structures and criteria clearly to employees
Compensation Strategy Alignment
Aligning pay structures with organizational goals and strategies
External Competitiveness
Offering compensation packages that are competitive with the external market
Equal Pay for Equal Work
Ensuring employees in the same role with similar experience and performance are paid equally
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