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