Compensation Vital to Business Success
By Mandy Belaen, AgCareers.com HR Services Manager
Within your organization, there are several reasons why compensation is a vital part to the success of your business. Compensation is one of the highest expenses that you will incur, and it is something that you want to ensure is done correctly. Not only is compensation an expense to your organization, it truly is an important tool in retaining and attracting talent to your organization. An effective compensation strategy is allows your organization to be competitive within the marketplace as well an organizations compensation strategy should tie directly to the business objectives of your company.
When reviewing your compensation strategy or implementing a new compensation strategy, there are several things that must be considered. When looking at salary surveys that best fit your organization’s needs, it is important to look at industry specific information to ensure that you are making correct market comparisons. Ensure that the salary surveys that you wish to participate in have the specific jobs you wish to benchmark against, as well as data on location, employee count and revenue to ensure you are benchmarking against competitors similar to you.
When looking at the participant list, ensure that it has organizations you pull or lose employees to. The more data that is available regarding participants and incumbent data for each role, the better. It will ensure that you are getting a true picture of the market. Positions should be matched based on the job description, not simply the job title.
AgCareers.com offers the leading online agribusiness salary survey in North America. TheCompensation Benchmark Review (CBR) has been providing salary; benefit and performance pay to the agriculture sector for almost 10 years. The CBR is a validated source of salary information for the agriculture industry, but as well as specific sectors such as animal health, ag chemical/seed/fertilizer, commodities, ag retail and many more. Data is collected in a confidential manner, with a proven methodology. All participants must provide data ensuring the integrity of the data.
The Compensation Benchmark Review has over 100 agriculture based companies participating in the salary survey throughout North America, providing information on unique agriculture positions, as well as standard positions within the industry such as agronomy, livestock and veterinarian roles, as well as sales, finance and many more.
Within the AgCareers.com salary survey, many reporting features are offered to participants. Base salary, performance pay & benefit data is provided. Demographic breakouts are also provided based on ag sector, location, city vs. rural, number of employees and annual revenue.
AgCareers.com is currently collecting data for the 2013 reports. In Canada, data is being collected in April; in the United States data will start to be collected in May. Brand new reports will be available in Canada in August and in the United States they will be available in September.
AgCareers.com is excited to announce a NEW Compensation & Benefits for Your Organization Add-On Workshop to the 2013 Ag & Food HR Roundtable Participants can attend both events, or simply register for the compensation workshop that will be held on Thursday, August 8.This add-on workshop is specifically designed for human resource professionals, compensation managers, and those making compensation decisions within the organization.It is a great way to evaluate and reassess an organization’s compensation policies and practices. Guest presenters will share information on a variety of compensation and benefits high interest issues, such as reward programs for varying generations in the workplace; developing total reward solutions; pay for performance schemes; and marketing benefit programs. Click here for a full agenda.
For additional information on the AgCareers.com Compensation Benchmark Review and the Compensation & Benefits Workshop, email firstname.lastname@example.org.