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When you’re building a business and creating a workforce that will fuel your growth, you need a comprehensive plan for compensating employees. Compensation is critical to your growth, affecting your ability to attract and retain the talent you need.
Given the many variables that impact how you pay employees—including your company goals, mission, values, and finances—you need a plan. That plan is your compensation philosophy. It will help you determine how to make data-driven compensation decisions.
A compensation philosophy is not a vague statement about your pay practices, nor is it simply aspirational. It formalizes how you pay and reward your employees. Your compensation philosophy can also help you get ahead of critical issues affecting your growth, ensuring pay equity, matching pay with your financials, and leveraging compensation to attract and motivate employees.
To develop a compensation philosophy based on data and best practices, download our Compensation Philosophy 101 guide by filling out the form.