Compensation Strategies
Do you want to retain your quality employees? By offering them strong compensation strategies, you ensure your employees’ retention.
What Are Human Resources Compensation Strategies?
Compensation strategies are your organization’s techniques for compensating employees, including their pay and benefits.
If you want to attract and retain experienced employees, you need effective compensation strategies. Quality candidates won’t be interested in your job postings if you don’t offer good benefits—that’s why AAIM compensation experts ensure the best techniques and practices for effective talent management.
Your business should have a compensation philosophy for HR to follow, so every candidate is offered fair compensation. Standard compensation strategies many employees receive are:
- Healthcare for employees
- Consistent raises
- Holiday bonuses
- Retirement packages
- Overtime pay
- Merit increase
- Competitive salaries
- Variable salaries based on experience
- Paid time off
- Sick days
- Student loan reimbursement
Developing a Compensation Strategy
When developing your company’s compensation strategy, consult compensation professionals at AAIM. Our team creates compensation packages for hourly and salaried employees, and we help you decide which strategies fit your business.
Straight Salary Compensation
Salary compensation offers employees a yearly salary based on their skills and experience. Salaries suit those that don’t work more than 40 hours a week. If the annual sum the employee makes is more than they would make than if you paid them hourly, salary compensation is perfect for your business.
Salaried employees don’t make overtime, but they typically receive benefits. AAIM guides you through the different benefits available to your salaried employees so that you can make informed decisions.
AAIM also provides salary benchmarking for companies interested in salary compensation. Salary benchmarking compares salaries and benefits to your competitors to prevent the loss of employees to outside competition.
Straight Hourly Compensation
Hourly compensation is typically for employees that work more than 50 hours a week and are eligible for overtime.
Hourly pay is ideal for people who have flexible availability and don’t want to work at the same time every day. Many college students or people with kids work hourly jobs because they have inconsistent schedules.
Salary Plus Commission Compensation
Salary plus commission is for people who want compensation that reflects their individual efforts. Commission comes from sales, bonuses, or overtime pay, as commission is any extra pay.
Many employees appreciate commission because they can bring home more than expected if they bring in extra sales or work overtime.
AAIM’s Compensation Benchmarking Process
Our compensation benchmarking process guides you through your options to ensure you choose the right package for your business.
We develop compensation surveys so you can easily view compensation data and make your decision based on that data. We compare your company’s information to data from similar businesses so you can offer your employees compensation that best represents your job description.
We’ll help you develop salary ranges and use salary surveys to ensure you pay your employees adequately, increasing their chance of retention.
Testimonials for AAIM Compensation Strategies
Here’s what some of our clients said about our compensation work:
“During the majority of our 60 years in business, AAIM has provided business solutions for Essex. Projects at Essex include an ongoing “gut-check” of how well the company benchmarks against other St. Louis companies in our same industry as well as the development of a succession plan.”
“The corporate-wide compensation program and platform that AAIM worked with Von Hoffmann to design and implement has been an impressive and successful initiative.
With AAIM’s compensation program, we have created a comprehensive compensation strategy and workable and defensible pay grade system for all 2,300 salaried and production hourly employees across eight divisions. These divisions are a collection of previously independently owned companies with different payment plans.
With AAIM’s assistance, we have implemented a compensation plan that aligns and integrates these divisions within a new corporate structure. It is further proving to be a successful platform for quicker and successful integration of new acquisitions.”
Follow Us
