Compensation plans should go beyond a simple merit matrix model as the main way we connect pay and performance. You can evolve the way you plan and deliver employee rewards by adopting a holistic outlook on how companies can (and should!) make pay decisions.
We know creating a strong compensation strategy is time-consuming work. And, the outcome of these strategies will definitely impact everyone at your company. Since talking about pay can be a delicate topic, try to keep a fair but competitive mindset when planning your compensation and total rewards programs.