Compensation plans help organizations determine the best use of their compensation dollars. They answer questions like: how does pay align to our business goals? What do we value and how do we want to reward those values? What pay choices will help us retain, motivate, develop, and attract top talent? And, how/do we want to prioritize pay for the jobs that are mission critical? The typical compensation plan is complete when it has a philosophy, strategy, guidelines for pay, policies and processes.
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