A key to attracting and keeping satisfied workers is to ensure they feel they are receiving fair and unbiased compensation for the work that they do. This does not mean that the highest paid employees are necessarily the most satisfied employees; in fact, their wages are just one part of the equation. There are also a host of other direct and non-monetary benefits that can complete the total compensation package you are able to offer your employees.
Employers are using a variety of formal benefits, such as health insurance and retirement saving plans. Examples of innovative and non-monetary benefits are also growing, such as flex-time and work-sharing. In all cases, the compensation and benefits you offer must be meaningful to each individual employee if it is to be effective in keeping your workers motivated and working for you.
This section will provide tools, tips and resources to help you understand, design and implement effective compensation and benefit plans for employees.