Develop an Effective Compensation Program to Become an Employer of Choice
March 20, 2009
AgCareers.com
The effective use of a pay for performance strategy has never been more vital to your organization. A successful pay for performance strategy should be a component of your company’s overall compensation philosophy.
This time of year presents human resources professionals and business leaders with the opportunity to review, or maybe even initially write your compensation philosophy and pay for performance strategies for the business.
For example, in your compensation philosophy do you state that you reward high performing employees for their performance on at least an annual basis, and do you benchmark your organization’s jobs among other like positions across the industry to ensure competitive pay and benefits?
Answering these basic compensation questions will help you design a pay for performance strategy to assist you with either remaining an employer of choice, or building your brand to become an employer of choice, in today’s competitive market for talent. A strong compensation strategy and reputable benchmarking data will also provide you imperative information to retain your top performers.
Does your compensation strategy also include benchmarking your organization against competing companies in annual salary surveys? If not, you may lose out on the opportunity to effectively understand the marketplace from your team members’ points of view, particularly if they are being headhunted by a competitor and weighing their career options.
"Companies within agriculture are still actively hiring despite the economy so employers need to stay competitive and realize they are always at risk of losing top talent," said Eric Spell, president of AgCareers.com. "Managers dealing with budget constraints need to spend their money wisely. Benchmarking current employee salaries to ensure you are competitive in the marketplace is still vital given the potential costs of hiring and training a replacement."
If you are not getting the most from your compensation program and/or salary surveys, contact AgCareers.com for salary solutions for your business. We can assist you with the design of a company-specific compensation program regardless of your company size, and provide more details about the AgCareers.com agribusiness salary survey called the Compensation Benchmark Review.
This salary survey specific for our industry provides benchmarking data for more than 80 jobs in the U.S. and more than 35 jobs in Canada. Nearly 90 employers participate across several agribusiness sectors in North America. Contact AgCareers.com for a free consultation, list of company participants and jobs benchmarked, as well as a sample salary report to find out how your organization measures up! Email: compensation@agcareers.com, or phone: 800.929.8975 or 515.203.9282
Related quotes from a few salary survey participant employers:
"With more and more competition for top-quality candidates, ag industry employers need to keep up to date on what’s happe
