Sure, your company has a great work environment and an even better work-life balance. Your employees genuinely care about the work they do and they enjoy coming to the office. You host contests, hand out annual awards, and pat your employees on the back every chance you get. That’s all great. But do you have a competitive compensation plan?
As a recruiter, I’ve heard it all when companies try to explain why they don’t. Most involve some bits and pieces of the benefits listed in the paragraph above. And while those are great things to build into your corporate culture, they don’t excuse not having a competitive compensation plan. Quite honestly, you should have a great work environment and a work-life balance because you care about your employees and want them to enjoy coming to work. But you also need to take care of them monetarily – regardless of their level in the company.
To read the original article: Mo' Money, Less Problems: Why Competitive Compensation Plans Matter | OpenView Blog
