By OpenComp, Oct 18, 2021 8:45:00 AM
Managing your compensation program without a compensation philosophy is like building your business without a mission statement.
You’re likely basing pay-related decisions on guesses and intuition, risking negative results for your finances, culture, and growth.
Don’t mistake it for theory – a compensation philosophy is a formal statement that is the foundation for all compensation decisions. Because it’s built on data, your values, and your goals, a compensation philosophy will help you clearly explain how you will pay and reward your employees.
A strong compensation philosophy will also help you hire and retain top talent, manage your equity pool and cash runway, and make meaningful decisions around pay equity and diversity.
Don’t wait to get compensation right.
Download your guide to learn:
- How a compensation philosophy fits into the compensation program design process
- The 4 strategic pillars of a compensation philosophy
- Best practices for creating a compensation philosophy
- How to write and communicate a compensation philosophy
- Examples of successful compensation philosophies